Oil and Natural Gas Corporation (ONGC) has outlined ambitious plans to achieve net-zero carbon emissions by 2038 through substantial investments totaling about Rs 2 lakh crore.

In a detailed 200-page document, the company delineated its road map, which includes significant investments in renewable energy sites, green hydrogen plants, and measures to eliminate gas flaring.

By 2030, ONGC plans to invest Rs 97,000 crore to establish 5 gigawatts (GW) of renewable energy capacity, encompassing solar parks, wind turbines, biogas projects, pump storage plants, and offshore wind installations.

Another Rs 65,500 crore will be allocated by 2035, primarily for green hydrogen and green ammonia facilities. By 2038, an additional Rs 38,000 crore will be directed towards setting up 1 GW of offshore wind projects.

To mitigate environmental impact, ONGC aims to eliminate gas flaring entirely by 2030, investing Rs 5,000 crore in technological advancements.

In the base year of 2021-22, the company released 554 million cubic meters of methane into the atmosphere, largely due to incidental oil production or uneconomical quantities for consumer distribution.