Globally, many corporations have adopted greening strategies and are venturing into clean energy. In a significant move, two of the largest government-owned enterprises in India, Oil and Natural Gas Corporation (ONGC) and NTPC, have signed a memorandum of understanding (MoU) focussed on RE, storage, and green hydrogen projects. This should help ONGC diversify its portfolio and, ultimately, mitigate transition risks. This may also encourage other enterprises to take similar steps to decarbonise and contribute to India’s 2070 net zero target.
The MoU envisages a potential joint venture in the future. Since both these organisations have distinct business specialisations, it will be interesting to see how they collaborate to decarbonise collectively.