The Oil and Natural Gas Corporation (ONGC) is aiming to penetrate the renewable energy space, mainly solar energy, signed a pact with Solar Energy Corporation of India (SECI) to scale up its clean energy projects.
The pact signed by ONGC chief Subhash Kumar and SECI managing director Suman Sharma, provides a broad framework for both the entities to collaborate and peacefully for undertake renewable energy projects including solar, wind, solar parks, electric vehicles value chain and other The partnership will enable ONGC to strengthen its footprint in renewables,especially solar.
“To realise its green energy aim, Oil and Natural Gas Corporation Ltd (ONGC) has signed a Memorandum of Understanding (MoU) with Solar Energy Corporation of India (SECI)," Ministry of Petroleum and Natural Gas.
This comes in the backdrop of India’s non-fossil fuel-based capacity meeting the 40% target under
its nationally determined contribution(NDC) at COP 21.“ONGC, India’s leading oil & gas company,has been pursuing green energy agenda through various ways and renewable sources of energy.It has set a target of producing a minimum of 10 GW of renewable power by 2040 while continuing its focus on the core E&P business,"the statement said.
Mr Kumar said-"ONGC is having a multipronged strategy to make its green energy portfolio richer and also plans to progressively move towards carbon neutrality by effective carbon management and adding renewable energy capacity."
"The MoU will help in achieving a broad framework for ONGC and SECI to collaborate and cooperate for undertaking renewable energy projects including solar, wind, solar parks,EV value chain, green hydrogen, storage,etc,"it said.
The SECI chief said that the pact will open new paths of sustainable development and promises to take India to new frontiers of technology and scale. SECI,a PSU under the ministry of new and renewable energy is dealing in the promotion and development of various renewable energy resources, especially solar and wind energy and renewable energy-based storage systems.
Speaking on the occasion,Kumar said: "While we appreciate the magnitude and urgency of the climate change challenge, it is also important to understand our commitment towards energy security of the country and remain committed to carrying out our business in a sustainable manner.
As, India recently announced to cut net carbon emissions to zero by 2070 at COP26 in Glasgow and has set a target of producing a minimum of 10GW of renewable power by 2040,ensures continuing its focus on the core exploration and production (E&P) business.
