India's ONGC to invest $12bn in clean energy projects by 2030

India's state-owned energy giant, Oil and Natural Gas Corporation (ONGC), has unveiled an ambitious plan to invest a substantial 1 trillion rupees ($12bn) in clean energy projects by 2030, its chairman Arun Kumar Singh made the announcement during the company's annual general meeting held on August 29 in New Delhi.

The investment would be a significant step towards ONGC's commitment to reducing its environmental impact. The company is aiming to achieve Scope-I and Scope-II emission targets by 2038.

ONGC is looking for opportunities in renewable energy and low-carbon sectors and is planning to scale up its renewable portfolio to 10 GW by 2030.

India’s largest oil and gas producer is also actively exploring collaborations with leading players to leverage various low carbon energy opportunities including renewables, green hydrogen, green ammonia and other derivatives of green hydrogen.  

“Moreover, there's an increasing focus on research and development in carbon capture, utilisation, and storage (CCUS) technologies to mitigate emissions from existing processes,” Singh added.