Driving India’s Renewable Transition: A Unified Vision for a Sustainable Future
Indian public sector energy giants Oil and Natural Gas Corporation (ONGC) and NTPC Green Energy Limited (NGEL), a subsidiary of NTPC, have entered into a strategic joint venture (JV) to drive renewable energy initiatives in India and beyond. This agreement, signed on February 8, 2024, reflects the country’s growing focus on green energy, setting a course for future offshore wind, energy storage, and green hydrogen projects.
The signing of this JV agreement marks a significant milestone for both companies, which are committed to India’s journey toward sustainable energy transformation. The partnership focuses heavily on developing offshore wind power—an area of substantial growth potential in India, given its extensive coastline. Beyond wind power, the JV will explore multiple avenues in clean energy, including energy storage, e-mobility solutions, carbon and green credits, and the rapidly expanding field of green hydrogen and its derivatives.
A Landmark Moment in India’s Green Energy Ambitions
At the agreement ceremony, NGEL’s CEO Mohit Bhargava and ONGC’s Executive Director Satish Kumar Dwivedi emphasized the collaboration’s goal to harness renewable resources on a large scale, aligning closely with India’s national and global sustainability commitments. Also present was Hardeep Singh Puri, India’s Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs, who highlighted the importance of such partnerships for securing India’s green energy leadership.
This collaboration aims to create long-term economic and environmental benefits, providing a platform for innovations that help lower carbon emissions while generating skilled green jobs. The focus on green hydrogen—one of the most promising fuels for the future—demonstrates the JV’s commitment to exploring clean, sustainable solutions for sectors like transport and industrial manufacturing that require high energy outputs.
Exploring Green Hydrogen and Offshore Wind: The Next Big Steps
The renewable energy landscape in India is evolving, with green hydrogen emerging as a transformative solution for decarbonizing various industries. This JV will focus on the potential of green hydrogen, working to develop production, storage, and transportation systems for hydrogen and its derivatives, such as green ammonia and green methanol, which have widespread applications in the chemical, agriculture, and industrial sectors. Additionally, offshore wind projects will be a core area of development. India’s coastal geography provides ample opportunity for offshore wind, which, unlike land-based wind farms, can deliver stable power outputs and reduce land use impacts.
A Growing Portfolio: ONGC’s Renewed Commitment to Green Ventures
ONGC’s recent moves underscore its commitment to becoming a leading player in green energy. In December 2023, the company established ONGC Green, a dedicated unit to manage its clean energy portfolio, focusing on green hydrogen, solar, wind, and hybrid energy solutions. This restructuring is part of a broader strategy to diversify ONGC’s revenue streams and support India’s target of installing 500 GW renewable energy capacity by 2030.
ONGC already has a renewable portfolio of approximately 176 MW, including 153 MW from wind and 23 MW from solar. The current JV with NGEL is a natural extension of this green expansion, aiming to achieve a targeted renewable energy capacity of 10 GW by the decade’s end.
Advancing India’s Green Goals: Investment and Impact
India’s government has set ambitious targets to reduce carbon emissions by one billion tonnes by 2030 and reduce carbon intensity by 45% compared to 2005. ONGC’s commitment of ₹1 trillion ($12.3 billion) for green initiatives will contribute significantly to achieving these national goals. The JV with NTPC, supported by robust investment, will help develop a self-sustaining green energy ecosystem, advancing India’s renewable energy ambitions and setting the stage for large-scale, impactful changes in energy infrastructure.
Global Collaboration and India’s Position in Clean Energy
This partnership also reinforces India’s role as a global leader in the green energy transition. With joint efforts from ONGC and NTPC, India is positioning itself as a significant player in the renewable energy sector by expanding its clean energy footprint domestically and contributing to global emissions reduction targets. The JV’s focus on energy storage and green credits further highlights a forward-thinking approach to environmental responsibility, enabling better management of power supply and demand while incentivizing reductions in carbon emissions.
The Road Ahead: Creating a Lasting Impact on India’s Energy Landscape
The ONGC-NTPC partnership will likely set a precedent for future collaborations among India’s public and private sectors, creating a collaborative model for sustainable development. From integrating green hydrogen into advanced offshore wind projects, the JV will pioneer new pathways for growth in green jobs, sustainable infrastructure, and energy innovation, ensuring long-term energy security.
As India steers toward a cleaner and more resilient future, partnerships like this will play a critical role in fostering a low-carbon economy. With their combined resources, expertise, and a shared commitment to environmental responsibility, ONGC and NTPC are poised to leave a lasting impact on India’s energy landscape, shaping a sustainable legacy for future generations.
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