Oil and Natural Gas Corporation (ONGC) will invest about Rs two lakh crore in setting up renewable energy sites and green hydrogen plants, and towards achieving its 2038 net-zero carbon emission goals. The company has released a 200-page document listing clean energy projects, even as it looks to boost its hydrocarbon output.

ONGC will invest Rs 97,000 crore by 2030 in setting up five GW of renewable energy capacity, green hydrogen, biogas, pump storage plant and offshore wind project. Another Rs 65,500 crore will be invested by 2035, in a green hydrogen or green ammonia plant, and the remaining Rs 38,000 crore by 2038, will be deployed for setting up one GW offshore wind projects. These projects will help the firm offset nine million tonne of carbon emissions under Scope-1 and Scope-2 emissions.

The company will also invest Rs 5,000 crore to cut gas flaring to zero by 2030 via technological process. It will spend Rs 30,000 crore in setting up five GW solar parks, and would add one GW of solar and onshore wind capacity by 2035 and 2038 at a cost of Rs 5,000 crore each. Moreover, it will invest Rs 40,000 crore by 2030 and a similar amount by 2035 to set up two 1,80,000 tpa green hydrogen, and/or a million tonne of green ammonia projects.

With installations in the Arabian Sea and Bay of Bengal, the firm is also looking at installing offshore wind turbines to generate 0.5 GW of electricity by 2030 and double it by 2035. The first 0.5 GW offshore wind project is likely to cost Rs 12,500 crore and the next about Rs 12,000 crore. By 2038, it will add another one GW of offshore wind energy capacity at an investment of Rs 25,000 crore. The company may invest Rs 20,000 crore for setting up three GW of pump storage plants to meet electricity requirements, and the remaining will be in biogas, carbon capture and other clean energy projects.