ONGC to invest about Rs 2 lakh crore to achieve zero carbon emissions by 2038

Oil and Natural Gas Corporation (ONGC) is planning to invest about Rs 2 lakh crore to achieve zero carbon emissions by 2038. The company will invest Rs 1 lakh crore by 2030 in setting up 10 gigawatts of renewable energy capacity, a green ammonia plant, and offshore wind energy projects. The remaining would flow thereafter to achieve Scope-1 and 2 net zero carbon emissions.

The company currently has 189 MW of capacity to generate electricity from renewable sources. It is targeting 10 GW by 2030. The company already has signed an MoU for 5 GW in Rajasthan and is scouting for projects of similar size. Besides, it wants to set up 25 compressed biogas plants that will convert agri-residue into gas that can be used to run automobiles (CNG) or used in industries to generate electricity and fertilizer. The company is also scouting for opportunities to set up a 1 million tonnes per annum green ammonia plant.

Integrating sustainable practices into core operations has enabled a reduction in Scope-1 and Scope-2 emissions by 17 per cent in the last five years. ONGC has reduced its emissions by 2.66 per cent in FY23 (April 2022 to March 2023 fiscal year).

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organisation in India.

At 11 am, the shares of Oil & Natural Gas Corporation (ONGC) were trading at Rs 176.05, up by 0.20% from its previous closing of Rs 175.70 on the BSE.

Today, the stock opened at Rs 175.95 and has touched a high and low of Rs 176.30 and Rs. 175.40 respectively.

The BSE group ‘A’ stock of face value Rs 5 has touched a 52-week high and low of Rs 180.25 and Rs 121.50, respectively.

Last one week high and low of the scrip stood at Rs 176.70 and Rs 172.80, respectively. The current market cap of the company is Rs 2,21,475.82 crore.

The promoters holding in the company stood at 58.89%, while Institutions and Non-Institutions held 38.25% and 2.87% respectively.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.