PremiumNEW DELHI: State-owned Oil and Natural Gas Corporation Ltd (ONGC) has signed a pact with Solar Energy Corp. of India (SECI) for undertaking renewable energy projects.
“To realise its green energy objectives, 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 said in a statement on Friday.
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.
“The MoU was signed by ONGC CMD Subhash Kumar and SECI MD Suman Sharma on behalf of the two national energy companies today, 2 December 2021, in New Delhi. The MoU provides a broad, overarching 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," the statement added.
According to the government, installed power capacity from non-fossil fuels will go up to 66% by 2030. Also, India has already reached an emission reduction of 28%.
“ONGC, India’s leading oil & gas company, has been pursuing green energy agenda through various alternatives 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.
India recently announced to cut net carbon emissions to zero by 2070 at COP26 in Glasgow.
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