India's ONGC to invest over $12B in green energy

Indian state-owned Oil and Natural Gas Corp. (ONGC) intends to invest Rs 1 trillion ($12.08 billion) by 2030 in green energy projects, the head of the company, Arun Kumar Singh, said this at a press conference in Mumbai, Report informs via Interfax.

ONGC plans that by 2030 its portfolio will include renewable energy projects with a total capacity of 10,000 MW against 189 MW at the end of March.

"Demand for traditional fuels in India will continue to grow until 2040, but we need to step up efforts to develop green energy operations," Singh said.

According to him, ONGC will aim to reduce to zero direct emissions from its operations by 2038.

At the same time, the company does not plan to stop investing in hydrocarbon production. The main part of capital investments at the level of 301.25 billion rupees, planned by ONGC for 2023, will be directed specifically to the exploration and production of oil and gas.