ONGC Embraces Green Future: Petroleum Ministry Approves Green Energy Subsidiary

The Ministry of Petroleum and Natural Gas has granted approval for the establishment of a subsidiary company by Oil and Natural Gas Corporation Limited (ONGC), focusing on green energy and gas ventures.

The new entity, tentatively named "ONGC Green Limited," is slated to participate in diverse sectors, including green hydrogen, hydrogen blending, renewable energy (solar, wind, and hybrid), biofuels, biogas, and LNG. ONGC's board meeting revealed that the proposed name is subject to approval from the Ministry of Corporate Affairs, Government of India.

Diversifying into Green Ventures

The subsidiary company, wholly-owned by ONGC, will delve into the entire value chain of the energy sector, emphasizing environmentally friendly alternatives such as green hydrogen and renewable energy sources. The move aligns with India's commitment to fostering sustainable practices and reducing carbon emissions.

ONGC's Response to Changing Energy Landscape

In response to the changing energy landscape and global sustainability goals, ONGC is strategically diversifying its portfolio to include ventures in green energy and gas. The approval from the Ministry of Petroleum and Natural Gas underscores the government's support for ONGC's initiatives to embrace cleaner and more sustainable energy practices.

Joint Venture for Offshore Wind Energy

In addition to the green energy subsidiary, ONGC's board has granted in-principle approval for the formation of a Joint Venture Company (JVC) with NTPC Green Energy Limited. This collaboration will focus on Offshore Wind Energy and other Renewable Energy projects, contributing to India's ambitious goals outlined in the "Panchamrit" pledge at COP26.

Beyond Subsidiary: Collaborating for Enhanced Impact

In a further commitment to clean energy advancement, ONGC's Board has also granted in-principle approval for forming a Joint Venture Company (JVC) with NTPC Green Energy Limited. This strategic partnership will focus on leveraging expertise and resources to unlock immense potential in:

• Offshore Wind Energy: Harnessing the power of offshore wind farms, generating clean and uninterrupted renewable energy.

• Other Renewable Energy Initiatives: Exploring and collaborating on emerging technologies and ventures within the broader renewable energy landscape.

Aligning with India's Green Ambitions

ONGC's green energy ventures directly align with India's ambitious climate goals outlined in the "Panchamrit" pledge at COP26. These include:

• Achieving 500 GW of non-fossil electricity capacity by 2030.

• Generating half of all energy requirements from renewable sources by 2030.

• Reducing emissions by 1 billion tonnes by 2030.

• Reducing the emissions intensity of GDP by 45% by 2030.

• Achieving net-zero emissions by 2070.

ONGC's proactive embrace of green energy not only aligns with India's climate aspirations but also positions the company for long-term sustainability and success in a rapidly evolving energy landscape.