ONGC Launches New Green Business Venture
- Muhammad Ahmad
- Nov 19, 2024
- 2 min read
Pioneering clean energy solutions to drive sustainable growth
India’s largest oil and gas company is diversifying into renewable energy to support national sustainability goals
ONGC establishes a green energy subsidiary to lead its transition into renewable power.
The company aims to capitalize on India’s growing clean energy market with solar, wind, and hydrogen investments.
This initiative aligns with ONGC's strategy to achieve net-zero carbon emissions by 2038.
Oil and Natural Gas Corporation Limited (ONGC), India’s largest oil and gas producer, has taken a significant step toward sustainability by launching a green energy business. The new subsidiary will spearhead ONGC’s renewable energy ventures, including solar, wind, and green hydrogen projects, marking a strategic shift toward decarbonization and aligning with India's commitment to net-zero emissions.
This move is crucial as India experiences a rapid shift toward renewable energy, driven by government targets to achieve 500 GW of renewable capacity by 2030. For ONGC, diversifying its portfolio is not just an environmental commitment but also an opportunity to remain competitive in an evolving energy market.
Technical Focus
India’s renewable energy market is among the fastest-growing globally, with an installed renewable capacity of 134 GW as of 2023. The sector has attracted billions in investments, driven by favourable policies like production-linked incentives and tax benefits. Key growth areas include solar and wind energy and emerging technologies like green hydrogen, which is projected to be a $12 billion market in India by 2030.
ONGC seeks to play a leading role in India's energy transition by establishing this green business arm. “This is a transformative step for ONGC as we integrate sustainability into our core operations,” stated a company representative, highlighting ONGC’s focus on long-term growth and environmental stewardship.
In addition to renewable projects, the new subsidiary will explore partnerships and innovations to accelerate its clean energy initiatives. This will not only underscore ONGC's commitment to a greener future but also position it as a key player in India’s journey toward energy independence and sustainability.