ONGC’s Green Revolution: Massive Investment for 5 GW in Solar and Wind Energy!

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State-owned oil and gas giant ONGC is set to make substantial strides in renewable energy, allocating an investment ranging from Rs 30,000 crore to Rs 35,000 crore for the development of 5 GW capacity in solar and wind energy projects by 2030. As part of its broader vision, ONGC aims to achieve a remarkable 10 GW of renewable energy capacity within the same timeframe. The company is considering diverse avenues, including pumped storage with 2 GW capacity by 2030, offshore wind with 1 GW capacity by 2035, and approximately 5 GW from solar and onshore wind projects by 2030.

As of March 31, 2023, ONGC’s existing renewable energy capacity stands at 189.52 MW, comprising 36.52 MW in solar energy and 153 MW in wind energy. The envisioned expansion to 10 GW by 2030 comes with an estimated investment requirement of Rs 1 lakh crore. In alignment with global sustainability goals, ONGC is actively formulating a comprehensive strategy to combat climate change, emphasizing the transition to renewable energy. The company has also charted a roadmap with the ambitious target of achieving net-zero status for Scope-1 and Scope-2 emissions by 2038.

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Note: The above-mentioned news was first published by us in our ProjectX India | 15th December 2023 edition.. Do you want to buy this issue or our latest issue? If yes! click here

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