The oil and gas behemoth plans to spend Rs 1 lakh crore on installing 10 GW of renewable energy capacity and building a per-annum capacity of two million tonnes of green ammonia by 2035 as part of its decarbonisation strategy 

 India’s state-owned Oil and Natural Gas Corporation (ONGC) is pushing ahead with ambitions to enter new markets, with a special emphasis on sustainable energy and gas projects. ‘ONGC Green Limited’, the company’s wholly-owned subsidiary for gas and clean energy operations, has been approved by the Ministry of Petroleum and Natural Gas. By 2035, ONGC wants to produce two million tonnes of green ammonia annually and reach a 10 GW renewable energy capability. To this end, the company plans to invest Rs 1 lakh crore. This calculated action is consistent with ONGC’s decarbonisation pledge. Furthermore, the board of ONGC has approved in principle a joint venture with NTPC Green Energy. that will concentrate on offshore wind energy and other renewable sources. The joint venture is the result of a cooperative contract that was signed in September 2021 and covers exploration prospects in multiple green energy sectors as well as offshore wind projects. ONGC now has a portfolio of 176 MW of renewable energy, of which 23 MW is solar and 153 MW is wind. By 2040, the company hopes to reach 10 gigawatts of renewable energy.