ONGC plans to invest up to Rs 35000 cr for 5 GW solar, wind energy capacity by 2030 – EQ
In Short : ONGC (Oil and Natural Gas Corporation) is planning a substantial investment of up to Rs 35,000 crore to develop 5 gigawatts (GW) of solar and wind energy capacity by the year 2030. This initiative signifies ONGC’s commitment to expanding its presence in the renewable energy sector and contributing to India’s clean energy goals.
In Detail : Oil and Natural Gas Corporation (ONGC) is planning to invest Rs 30,000 crore to Rs 35,000 crore for five GW capacity of solar and wind energy projects in the first phase by 2030. The investment will be executed in phases with respect to 2030, 2035, and 2038, till it achieves the net-zero Scope-1 and Scope-2.
The company is exploring different options such as pumped storage with two GW capacity, solar and onshore wind capacity of about five GW, and offshore wind with one GW capacity by 2035. Further, it intends to invest in all technological areas. To achieve 10 GW of renewable energy (RE) capacity by 2030 ONGC will need total investment of Rs one lakh crore.
Moreover, the company has been preparing a strategy to address climate change through the transition to RE and a roadmap to achieve net-zero status for Scope-1 and Scope-2 emission by 2038.
As on 31 March 2023, ONGC’s total installed capacity of RE was 189.52 MW comprising 36.52 MW of solar energy and 153 MW of wind energy. With this initiatives, the company is making efforts towards reducing carbon emissions to provide sustainable and low-carbon products.