ONGC signs agreement with Greenko for renewables energy

State-run ONGC said that it has signed a Memorandum of Understanding (MoU) with Greenko ZeroC (Greenko) to jointly pursue opportunities in renewables, green hydrogen, green ammonia and other derivatives of green hydrogen.

The activities envisaged under this MoU will contribute towards India’s target of producing 5 million tonnes of green hydrogen per annum by 2030.

The MoU will help ONGC to achieve renewable energy targets as per its Energy Strategy 2040. As the share of renewables in the energy mix is rising, driven by cost competitiveness, climate change awareness and strong regulatory push, ONGC’s aim is to meet its objectives such as de-risking of portfolio against long term disruptions and reducing carbon footprint by moving into renewables space.

The MoU is in line with the National Hydrogen Mission, launched by the Prime Minister, in making India a global green hydrogen hub.