ONGC Plans Net Zero Target By 2038 With Rs 1 Lakh Cr Green Push

The government-run Oil and Natural Gas Corporation (ONGC) plans to invest Rs 1 trillion by 2030 to increase its renewable energy capacity to 1 gigawatt (GW) from 189 megawatts as the firm strives to achieve net zero carbon emissions by 2038. This was stated by the ONGC Chairman Arun Kumar Singh on Monday. 

As per reports, Singh said the company has done its internal workings and is now confident that it can achieve net-zero for Scope-1 and Scope-2 emissions by 2038. "We have done our internal workings and are now confident that we can achieve net-zero for Scope-1 and Scope-2 emissions by 2038," the ONGC chairman said.

He further added that the country’s energy demand will keep increasing. It's not that fossil fuel demand in India will go down; for others, it may go down by 2030 but India will still see growing fossil fuel demand till 2040. “But we have to step up our effort for green energy so that at least 2070 we are net zero," he added.