Oil & Gas companies are exploring green energy options

State-owned Oil and Natural Gas Corporation is considering inorganic investments to reach a target of 10 GW of installed renewable energy capacity by 2040. Other oil and gas PSUs are also investing in renewable energy.

Daily Current Affairs Quiz 2021

Global moves to reduce carbon emissions to slow down climate change have led to oil and gas companies around the world investing in renewable energy to reduce their carbon footprint and diversify offerings.

India is targeting 450 GW of installed renewable energy capacity by 2030 up from about 100 GW currently.

India’s largest upstream oil and gas company, ONGC, is targeting 10 GW of renewable energy capacity by 2040, up from 178MW of renewable energy capacity at the end of FY20.