India's ONGC aims to cut carbon emissions by 1bn tonnes by 2030
India's state-owned oil and gas giant, Oil and Natural Gas Corporation (ONGC), on August 15 unveiled its plan to reduce carbon emissions and accelerate its renewable energy efforts. The company aims to cut carbon emissions by 1bn tonnes and simultaneously decrease carbon intensity by 45% by the year 2030.
ONGC has already taken significant strides in the realm of emissions reduction. By integrating sustainable practices into its core operations, the company achieved a 17% reduction in Scope-1 and Scope-2 emissions over the past five years. Building on this momentum, ONGC further slashed emissions by 2.66% in the fiscal year ended March 31, 2023.
ONGC plans to invest approximately 1 trillion rupees ($12bn) by the end of the decade in various green initiatives aimed at curbing its carbon footprint. The company's broader objective is to achieve net-zero emissions for Scope-1 and Scope-2 by 2038, a move that aligns closely with global climate objectives.
To achieve these transformative goals, ONGC is significantly bolstering its investments in renewable energy. The company has set its sights on expanding its renewable energy portfolio to 10 GW by 2030. This shift entails active engagement in diverse low-carbon energy sectors, including renewables, green hydrogen, green ammonia, and other green hydrogen derivatives.
ONGC is also focusing on cutting-edge research and development in carbon capture, utilisation, and storage (CCUS) technologies. These innovations hold the promise of capturing and repurposing carbon emissions from industrial processes to mitigate their environmental impact.
While ONGC charts an ambitious course toward sustainability, the company remains committed to its core oil and gas exploration and production activities, it said. With a strategic approach, ONGC will continue intensive exploration in both established and frontier plays, sustain production from existing fields, and exploit deep-water resources.
As part of its "future exploration strategy," ONGC is targeting the active exploration of 500,000 km2 of area. This will be achieved by acquiring 100,000 km2 of exploration territory annually, with an annual investment of 100bn rupees in exploration activities by 2025.