Current Affairs

Issue

State-owned oil companies, including Oil and Natural Gas Corporation are planning to invest in renewable energy.

Background

These investments are being made in order to reach a target of 10 GW of installed renewable energy capacity by 2040.

Details

• 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.