State-owned oil companies, including Oil and Natural Gas Corporation are planning to invest in renewable energy.
These investments are being made in order to reach a target of 10 GW of installed renewable energy capacity by 2040.
Many oil companies across the globe are trying to reduce their carbon footprint by investing in renewable energy.
This is in line with the global effort to slow down climate change by reducing emissions due to fossil fuels.
The oil companies are also trying hard to help government to achieve ambitious renewable energy targets. These investments are part of reaching the target.
India has a rather ambitious renewable energy target. It plans to reach 450 GW of renewable energy by 2030 from the existing 100 GW.
Renewable energy investments
ONGC will be aiming at achieving 10 GW of renewable energy by 2040 from the existing 178MW of renewable energy capacity.
GAIL is looking to increase its renewable energy capacities to 1 GW within 3-4 years from the existing 130 MW. It is undertaking a series of acquisitions.
Indian Oil Corporation Ltd is setting up 257 electric charging and battery swapping stations across many fuel outlets. This is done considering the migration towards electric mobility.
The company will start a joint venture with Sun Mobility to set up battery swapping. It will also set up India’s first green hydrogen plant in Mathura.
Indian Oil will partner with startup Phinergy to manufacture aluminum-air technology based battery systems for electric vehicles.
Hindustan Petroleum Corporation Limited and Tata Power are jointly setting up vehicle charging stations at petrol pumps.