At the end of March, the amount of generated green energy for which the group was responsible amounted to 189 megawatts. It is expected to grow to 10,000 megawatts, Singh said at a press conference in Mumbai. The investments include the use of clean energy for the production of ammonia and other technologies.
Demand will grow until 2040
Singh predicts that the demand for fossil fuels will continue to grow until 2040. But with investments, ONGC must balance its fossil energy portfolio with green projects. “We have to make it so that both worlds can coexist,” Singh said. In addition to investments, the company also wants to reduce its CO2 emissions, zeroing them by 2038.
ONGC plans to completely stop investing in fossil fuels. But for now, nearly the entire investment budget for the current financial year goes to oil and gas projects. In total, more than 301 billion rupees are involved.