ONGC: Leading the Charge towards Zero Carbon Emissions by 2038

Introduction: The world is grappling with a climate crisis of unprecedented proportions, and corporations worldwide are re-evaluating their environmental commitments. In this quest for a sustainable future, India’s largest government-run corporation, Oil and Natural Gas Corporation (ONGC), has emerged as a beacon of hope. ONGC is setting an ambitious target: to achieve zero carbon emissions by 2038. Let’s delve into the details of this monumental endeavour and its implications for India and the world.

Investing in a Greener Tomorrow: ONGC’s commitment to environmental stewardship is evident in its investment plan. The corporation is poised to invest approximately Rs 2 lakh crore in its mission to achieve zero carbon emissions. By 2030, it plans to allocate Rs 1 lakh crore for the development of 10 gigawatts of renewable energy capacity, a green ammonia plant, and offshore wind energy projects. This substantial investment is a testament to ONGC’s dedication to sustainable energy solutions.

A Quantum Leap in Renewable Energy: At present, ONGC boasts 189 MW of renewable energy capacity. However, the corporation has set its sights on an astounding 10 GW by 2030. Already having inked a MoU for 5 GW in Rajasthan, ONGC is actively seeking opportunities for projects of similar magnitude. This leap in renewable energy capacity will significantly contribute to India’s clean energy goals.

Harnessing the Power of Biogas: ONGC’s commitment extends beyond conventional renewables. The corporation aims to establish 25 compressed biogas plants, which will convert agricultural residue into a versatile gas suitable for automobiles (CNG) and industrial electricity and fertilizer production. This initiative not only tackles waste management but also promotes sustainable practices in agriculture.

The Green Ammonia Revolution: ONGC is also exploring the establishment of a green ammonia plant with a capacity of 1 million tonnes per annum. Green ammonia holds tremendous potential as a clean energy carrier and an essential component of the energy transition.

Reducing Emissions through Sustainable Practices: ONGC’s journey towards zero carbon emissions has already yielded results. By integrating sustainable practices into its core operations, the corporation has reduced Scope-1 and Scope-2 emissions by an impressive 17% in the last five years. In the fiscal year 2022-23, emissions were further reduced by 2.66%.

A National and Global Impact: ONGC’s commitment to sustainability resonates not only within India but also on the global stage. As India’s largest government-run corporation, producing about 70% of the nation’s crude oil and natural gas, ONGC is setting an example for the entire industry. Its dedication to carbon neutrality aligns with global efforts to combat climate change.

Stock Performance Reflecting Commitment: In the financial world, actions speak louder than words. At 11 am, ONGC’s shares were trading positively, reflecting investor confidence in the corporation’s sustainable initiatives. With a current market cap of Rs 2,21,475.82 crore, ONGC is not just a leader in the energy sector but also in environmental responsibility.

Conclusion: ONGC’s journey towards zero carbon emissions is a monumental step towards a sustainable future. It demonstrates that even the largest and most significant players in the energy sector can pivot towards environmentally friendly practices. As ONGC continues to invest in renewable energy, green ammonia, and biogas, it paves the way for a cleaner and more sustainable India, and by extension, a cleaner planet. The corporation’s commitment to combating climate change is a shining example for all to follow.