ONGC shares gained after the firm announced it will invest around Rs 2 lakh crore to establish renewable energy sites and green hydrogen plants in an attempt to achieve its net-zero carbon emission goal by 2038.
Additionally, the state-owned firm will invest Rs 97,000 crore by 2030 to establish 5 gigawatts of renewable energy capacity, green hydrogen, biogas, a pump storage plant, and an offshore wind project.
ONGC released a 200-page document on July 9, explaining its process and path to achieving net zero emissions. It listed clean energy projects even though the company plans to boost its hydrocarbon output to meet India's energy needs.
At 9.30 am, ONGC shares were quoting Rs 299.25 on the NSE, higher by 0.7 percent.
The oil and gas firm said it will invest Rs 65,500 crore more by 2035 for either a green hydrogen or green ammonia plant and the last Rs 38,000 crore by 2038, in creating 1 GW of offshore wind projects.
As a result of these projects, ONGC will be able to offset around 9 million tonnes of carbon emissions it is directly or indirectly responsible for.
The firm said it will put Rs 5,000 crore to cut gas flaring to zero by 2030 through technological intervention. ONGC released 554 million cubic meters of methane in 2021-22 into the atmosphere, mostly because it was an incidental by-product of oil.
Over the past year, shares of state-run ONGC jumped more than 80 percent in the trade as against a 26 percent rise in the frontline Nifty 50 index during the same period.
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