Rs 2 lakh crore investment planned by ONGC
Government-owned Oil and Natural Gas Corporation (ONGC) has plans to invest Rs 2 lakh crore in setting up renewable energy sites and green hydrogen plants and cutting gas flaring to zero to achieve its 2038 net-zero carbon emission goal. ONGC produces about two-thirds of India's crude oil and about 58 percent of natural gas.
ONGC will invest Rs 97,000 crore by 2030 in setting up 5 gigawatts of renewable energy capacity, green hydrogen, biogas, pump storage plant, and offshore wind project. Further Rs 65,500 crore will be invested by 2035, mostly in a green hydrogen or green ammonia plant, and the remaining Rs 38,000 crore by 2038, primarily in setting up 1 GW of offshore wind projects.
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