The Indian state-owned company Oil and Natural Gas Corporation (ONGC) has committed an investment of INR2tn (US$23.95bn) to achieve its 2038 net-zero carbon emission goal. In its Decarbonization Roadmap, ONGC details its strategy for achieving net-zero operational emissions by 2038 incorporating a series of de-carbonization levers spread across short, medium and long-term horizons.
According to the document, the company expects to invest INR970bn (US$11.6bn) by 2030 to set 5 GW of solar and onshore wind capacity, develop green hydrogen (180 kt/year of green hydrogen and 1 Mt of green ammonia), 25 facilities of biogas, 500 MW of offshore wind capacity, the installation of a 1 GW pumped-storage hydropower plant and 500 kt/year of Carbon, Capture, Utilisation and Storage (CCUS) technology. By 2035, ONGC expects to invest an additional INR655bn (US$7.8bn) to double its green hydrogen / green ammonia capacity and its CCUS capacity, add another 1 GW of pumped-storage capacity, 1 GW of solar and onshore wind and 0.5 GW of offshore wind. The company will invest another INR380bn (US$4.5bn) by 2038, to install another 1 GW of solar and onshore wind, 1 GW of offshore wind, 1 GW of pumped-storage hydropower and 1 Mt/year of CCUS capacity.
India aims to enhance non-fossil energy capacity to 500 GW, decrease the carbon intensity of its economy by 2030, and achieve net-zero emissions by 2070.
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