Oil and Natural Gas Corporation (ONGC) plans to invest Rs 1 lakh crore by the end of the decade to become a low-carbon energy player, according to sources. Low-carbon energy opportunities like renewables and green hydrogen will be funded. The state-owned crude oil and natural gas producer said in a statement that it has detailed a "roadmap to significantly expand its low-carbon energy portfolio."

"ONGC has aligned itself with India's ambitious goals and is wholeheartedly contributing to the nation's goal of reducing carbon emissions by one billion tonnes while simultaneously reducing carbon intensity by 45 percent by 2030," ONGC stated.

Adoption of various de-carbonization levers has resulted in significant emission reductions over the years.

"Integrating sustainable practices into core operations has enabled a reduction in Scope-1 and Scope-2 emissions by 17 per cent in the last five years. ONGC has reduced its emissions by 2.66 per cent in FY23 (April 2022 to March 2023 fiscal year).

"ONGC plans to significantly increase its spending on green initiatives to reduce its carbon footprint as part of a broader effort to achieve net-zero for Scope-1 and Scope-2 emissions by 2038," according to the statement.

India's largest gas and crude oil producer is also in advanced talks with leading energy players about collaborating on various low-carbon energy opportunities such as renewables, green hydrogen, and green ammonia.

According to the statement, it also intends to build two green-field O2C plants in India. However, no further information was provided.