India’s Top Oil Explorer Plans $12 Billion Green Energy Spend
- ONGC aims to invest through 2030 on clean power projects
- Firm announces plan to zero out direct emissions by 2038
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India’s Oil and Natural Gas Corp. aims to invest 1 trillion rupees ($12.1 billion) by 2030 in a bid to balance its fossil fuel-heavy energy portfolio with green projects.
The state-controlled driller that produces more than half the nation’s oil and gas 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 during a press briefing Monday in Mumbai. It will also focus on using clean energy to produce ammonia and other technologies that can offer around-the-clock generation.