Indian oil and gas corporation ONGC invests $24.2 billion to achieve zero emissions target

India's largest oil and natural gas corporation, ONGC.NS, which accounts for about two-thirds of India's oil production and about 58% of gas production, is looking to increase hydrocarbon production while strengthening its presence in the clean energy sector.

Companies around the world are investing billions of dollars to reduce their emissions to zero.

ONGC is investing Rs 1 trillion by 2030, when it hopes to have 10 GW of renewable energy capacity.

The company is building a 5 GW solar power project in the desert state of Rajasthan and plans to build offshore wind farms.

ONGC is also actively exploring collaborations with leading players to harness various low-carbon energy opportunities, including renewables, clean hydrogen, green ammonia and other green hydrogen derivatives.

The company is also looking for a partner to implement a project for the production of green ammonia with a capacity of 1 million tons per year.