ONGC plans to invest up to Rs 1L cr to scale up green energy capacity

State-run explorer ONGC plans to invest Rs 1 lakh crore to scale up its renewable energy capacity to 10 gigawatts (GW) by 2030.

It was 189 megawatts in 2022-23, company’s chairman Arun Kumar Singh told reporters in a virtual press conference on Monday.

ONGC’s ambitious plan is in line with Centre’s target to reduce carbon dioxide emissions to net zero by 2070.

“The country’s energy demand will keep going up. It’s not that fossil fuel demand in India will go down. For others, it may go down by 2030 but India will still see growing fossil fuel demand till 2040,” Singh said.

Several global energy giants like Exxon, BP and Total among others are gradually focussing on green energy businesses.