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Current Affairs

Oil and gas companies exploring green energy options

Date: 24 August 2021 Tags: Energy

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.