Oil and Natural Gas Corp. (ONGC), the largest oil and gas producer in India, announced last month it was looking to boost its renewable energy portfolio by investing $12 billion in future green projects.
ONGC Chairman Arun Kumar Singh said in a press conference that the state-held oil and gas explorer aimed to have as much as 10,000 megawatts, or 10 GW, in its portfolio of operations by 2030.
“India will continue to grow in fossil fuel demand until 2040, but at the same time we have to step up our efforts for green energy. We have to do this so that both worlds can co-exist,” Singh said.
The chairman also cited ONGC's strong Environment Management System, which underscored the company's unwavering dedication to environmental preservation, sustainable development, and to the quality of life of its employees, customers, and communities in which it operates.
ONGC is the latest big energy firm in India to commit more investments in the renewable energy sector.
At the start of the previous year, Indian conglomerate Reliance Industries unveiled its plans to invest up to $76 billion in green energy projects across India over the next 15 years. This ambitious initiative will involve building solar modules, battery storage, electrolyzer, and fuel cell factories.
Meanwhile, Indian Oil Corp, the country's leading oil refinery and fuel retailer, announced it was consolidating all its green energy businesses into a wholly-owned entity, a move that will strengthen its position in its clean energy ventures.