State-owned Oil and Natural Gas Corporation is investing Rs 1 lakh crore (trillion) by the end of this decade in low-carbon energy opportunities, including renewables and green hydrogen.

In a statement, India’s largest crude oil and natural gas producer said it has detailed a “road map to scale up its low-carbon energy portfolio significantly”.

“ONGC has aligned itself with India’s ambitious goals and is wholeheartedly contributing to the nation’s aim to curtail carbon emissions by 1 billion tonne and simultaneously reduce carbon intensity by 45 per cent by 2030,” it said.

ONGC said it has adopted various de-carbonisation levers resulting in significant emission reductions over years.

The PSU said it has reduced its emissions by 2.66 per cent in 2022-23.

The company is at an advanced stage of crafting collaborations with leading players in the energy space on various low-carbon energy opportunities, including renewables, green hydrogen, green ammonia and other derivatives of green hydrogen.

“ONGC is planning to set up two greenfield O2C plants in India,” the statement said without giving details.

It is also “charting a road map for opportunities in renewable energy and low-carbon sectors. ONGC is investing around Rs 1 lakh crore by the end of this decade, on its multiple green initiatives and is planning to scale up its renewable portfolio to 10 GW by 2030.”

The focus is on research and development in carbon capture, utilisation, and storage (CCUS) technologies to mitigate emissions from existing processes.

“However, oil and gas exploration and production (E&P) will remain the cornerstone of its energy business,” the statement said.