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India’s ONGC to Invest $12 Billion for Green Energy

India’s ONGC to Invest $12 Billion for Green Energy

India’s state-owned Oil and Natural Gas Corp.(ONGC) aims to invest $12.1 billion by 2030 in a bid to balance its fossil fuel-heavy energy portfolio with green projects. The company produces more than half the nation’s oil and gas, and plans to grow its renewable power portfolio to 10,000 megawatts by 2030 from 189 megawatts at the end of March, Chairman Arun Kumar Singh said. It will also focus on using clean energy to produce ammonia and other technologies that can offer around-the-clock generation.

“India will continue to grow in fossil fuel demand until 2040, but at the same time we have to step up our efforts for green energy,” Singh said. “We have to do this so that both worlds can co-exist.” He also added that the company would try to zero out its direct emissions — but not those that come from the oil and gas it sells — by 2038. Prime Minister Modi has set a national goal to become net zero by 2070.

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