Oil India to invest Rs.16,500 crore to meet net-zero goals
Oil India Ltd has announced plans to invest Rs. 16,500 crore in clean energy projects to achieve its net zero carbon emissions goal by 2040. This move comes as part of a larger initiative by India's six state-run energy companies, including Indian Oil, Bharat Petroleum, Hindustan Petroleum, GAIL (India) Ltd, Oil and Natural Gas Corporation, and Oil India Ltd. They will invest Rs. 6.38 lakh crore in clean energy projects to reach net zero emissions by 2070.
Allocation breakdown for green projects
State-controlled Oil India plans to invest approximately Rs. 9,000 crore in 1,800mW of solar and onshore wind energy projects, along with Rs. 3,000 crore for a green hydrogen project, and Rs. 1,000 crore on carbon capture, utilization, and storage (CCUS) projects. The company's operations are primarily located in northeast India, and it will build green hydrogen and compressed biogas plants through its subsidiary, Numaligarh Refinery Ltd.
ONGC's ambitious Rs. 2 lakh crore plan for net zero
On a related note, ONGC recently announced its plan to invest Rs. 2 lakh crore by 2038 to attain a net-zero carbon emissions goal. This includes Rs. 80,000 crore for green hydrogen and green ammonia projects, and Rs. 40,000 crore for solar and onshore wind projects, aiming for a total capacity of seven gigawatts. It also intends to spend Rs. 49,500 crore on offshore wind energy projects to achieve two gigawatts of capacity.
