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Source- This post on the ONGC’s Plan to Achieve Net Zero Emissions by 2038 has been created based on the article “ONGC unveils Rs 2 trillion decarbonisation road map for net-zero 2038” published in “Business Standard” on 10 July 2024.
Why in the news?
State-owned Oil and Natural Gas Corporation (ONGC) will invest around Rs 2 lakh crore to achieve net-zero carbon emissions by 2038.
About the ONGC’s Plan to Achieve Net Zero Emissions by 2038
1. Targets: By 2030, ONGC will invest Rs 97,000 crore in renewable energy projects, including solar and offshore wind. An additional Rs 65,500 crore will be invested by 2035 mainly in green hydrogen and green ammonia plants.
2. By 2038, another Rs 38,000 crore will be spent primarily on setting up 1 GW of offshore wind projects.
3. These projects will help offset 9 million tonnes of carbon emissions, including both direct (Scope 1) and indirect (Scope 2) emissions.
4. ONGC plans to invest Rs 5,000 crore to eliminate gas flaring by 2030 using advanced technology. In the base year 2021-22, ONGC released 554 million cubic metres of methane into the atmosphere.
5. Solar and Wind Energy Projects: ONGC will spend Rs 30,000 crore to establish 5 GW solar parks and wind turbines by 2030. It will add 1 GW of solar and onshore wind capacity by 2035 and 2038, costing Rs 5,000 crore each.
6. Green Hydrogen and Ammonia Projects: The company will invest Rs 40,000 crore by 2030 and a similar amount by 2035 to develop two 180,000 tonnes per annum green hydrogen or 1 million tonnes green ammonia projects.
7. Offshore Wind Projects: ONGC aims to install offshore wind turbines to generate 0.5 GW of electricity by 2030, with an investment of Rs 12,500 crore. This capacity will double by 2035 with an additional Rs 12,000 crore investment. By 2038, another 1 GW of offshore wind energy will be added, costing Rs 25,000 crore.
8. Pump Storage Plants: The company plans to invest Rs 20,000 crore to set up 3 GW of pump storage plants to provide electricity when renewable sources are not available.
9. The remaining investment will be directed towards biogas, carbon capture, and other clean energy initiatives.
UPSC Syllabus: Indian Economy
