The net zero strategy used by state-run energy corporations, Oil India Ltd. plans to invest Rs 16,500 crore in clean energy projects to achieve its 2040 objective of net zero carbon emissions. As one of the largest emitters of greenhouse gases globally strives for zero emissions by 2070, the firms are investing billions of dollars in initiatives targeted at lowering emissions.
The net zero objective has already been disclosed by state-run energy corporations Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, GAIL (India) Ltd, and Oil and Natural Gas Corp. The six state-run energy corporations will to invest 6.38 trillion rupees alongside Oil India, according to the sources. An inquiry for comment from Oil India was not answered. Because they are not licenced to speak to the media, the sources declined to give their names. A total of 30 billion rupees will be invested in a green hydrogen project, and roughly 90 billion rupees would go towards 1,800 megawatts of solar and onshore wind energy projects.
The majority of Oil India's operations are located in northeast India. They claimed that through its subsidiary, Numaligarh Refinery Ltd, it built green hydrogen and compressed bio gas plants. For carbon capture, utilisation, and storage (CCUS) projects, it will invest 10 billion rupees.
State-run ONGC, India's leading explorer, recently declared that it will invest 2 trillion rupees by 2038 to achieve net zero emissions. To acquire 7 gigawatts of capacity, ONGC intends to invest 400 billion rupees in solar and onshore wind projects and 800 billion rupees in green hydrogen and ammonia projects. ONGC also plans to invest 495 billion rupees in projects that would produce 2 gigawatts of offshore wind power.