India’s oil and gas companies are focussing on initiatives such as green hydrogen and carbon capture, utilization and storage (CCUS) as they move towards achieving net-zero emission targets. The companies are committing large investments towards energy transition, particularly in the renewable space, an oil ministry journal on net-zero plans has said.
The first-of-its kind report, which was released on August 25, list various steps being taken by these companies to reduce emissions and their carbon footprint. India’s largest oil and gas explorer ONGC said the company is advancing in the field of CCUS with a capacity to sequester 2.21 million MT of CO2 emissions.
“This technology is vital for reducing the carbon intensity of industrial processes and achieving long-term sustainability targets,” the company said.
CCUS is a set of technologies that capture carbon dioxide and use it or store it safely to prevent it from contributing to climate change. These technologies can also remove existing CO2 from the atmosphere. There is debate over its feasibility, with critics saying it is too expensive to be viable.
In the Budget FY25, Finance minister Nirmala Sitharaman said the Centre planned to introduce a policy for hard-to-abate industries to nudge them towards lower emissions.
The decision comes as India plans to achieve net zero by 2070, while the oil and gas companies have pledged to attain the emission target much earlier.