Oil India is planning to achieve net zero by 2040 and will invest $2 billion in projects to meet this goal, according to a report. The company is one of several state-run energy companies that are investing billions of dollars in projects aimed at reducing emissions. India, one of the world’s biggest emitters of greenhouse gases, aims to achieve net zero by 2070.
Oil India plans to invest 165 billion rupees ($1.98 billion) in clean energy projects, according to sources familiar with the company’s net zero strategy. Along with other state-run energy companies, including Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, GAIL (India) Ltd, and Oil and Natural Gas Corp, Oil India plans to invest a total of 6.38 trillion rupees.
The company plans to invest about 90 billion rupees in solar and onshore wind energy projects, with a capacity of 1,800 megawatts. It also plans to invest 30 billion rupees in a green hydrogen project. Oil India’s operations are mostly located in northeast India and it plans to build green hydrogen and compressed bio gas plants through its subsidiary, Numaligarh Refinery Ltd.
Oil India will also invest 10 billion rupees in carbon capture, utilization and storage (CCUS) projects. State-run ONGC recently announced that it will spend 2 trillion rupees by 2038 to achieve its net zero goal. ONGC plans to spend 800 billion rupees on green hydrogen and green ammonia projects and 400 billion rupees on solar and onshore wind projects, with a capacity of 7 gigawatts.
ONGC also aims to spend 495 billion rupees on offshore wind energy projects with a capacity of about 2 gigawatts. Neither ONGC nor the oil ministry responded to requests for comment.