India’s ONGC plans to invest Rs 1 lakh crore to scale up its renewable energy capacity to 10 gigawatts (GW) by 2030.
ONGC had renewable energy capacity of 189 megawatts in 2022-23.
ONGC’s ambitious plan is in line with India’s target to reduce carbon dioxide emissions to net zero by 2070.
“The country’s energy demand will keep going up. 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,” Arun Kumar Singh, Chairman of ONGC, told reporters in a virtual press conference
ONGC is aiming for a lower capital expenditure of Rs 30,125 crore in the current fiscal as against the corresponding year.
ONGC’s capital expenditure was Rs 30,208 crore in 2022-23.
ONGC has spent around Rs 1,44,000 crore on capital expenditure in the last five years.