ONGC to make green hydrogen, signs MoU with Greenko ZeroC

Oil and Natural Gas Corporation (ONGC) has signed a Memorandum of Understanding (MoU) with renewable energy company Greenko ZeroC to make green hydrogen, and to jointly pursue opportunities in renewables, and other derivatives of green hydrogen. 

This MoU is in line with the government’s National Hydrogen Mission that aims to transform the country into a global green hydrogen hub, the company said. India is targeting to produce 5 million tonnes of green hydrogen per annum by 2030. 

The energy major said that this MoU will contribute towards the mission of making Indi a green hydrogen hub. 

The MoU, valid for two years, was signed between ONGC Director Onshore Anirag Sharma and Greenko CEO and Managing Director Anil Kumar Chalamalasetty, in the presence of Union Minister of Petroleum and Natural Gas & Urban Affairs Hardeep Singh Puri. 

ONGC is not the first government-backed entity to enter the green hydrogen sector. In April this year, state-backed oil manufacturing company Indian Oil Corporation (IOC), engineering and construction conglomerate L&T and renewable energy company ReNew announced the signing of a term sheet to form a joint venture company to develop green hydrogen business in India.

Last month Chemicals and Fertiliser Minister Mansukh Mandaviya urged industry players to make the manufacturing of green hydrogen affordable and accessible. India has tremendous opportunities in green hydrogen due to its geographical advantage, he had said. ''We need to grow in the research and production sector and innovate in the development and manufacturing of green hydrogen. Only the government alone can’t achieve the target of green energy,'' said the minister.

Moreover, as recently as yesterday, Gautam Adani, Chairman of Adani Group at his address to shareholders said, “The best evidence which showcased our confidence and belief in the future is our investment of $70 billion in facilitating India’s green transition. We are already one of the largest developers of solar power.” He said their strength in renewables will empower them to make green hydrogen the fuel of the future. The billionaire said that they are making an effort to turn India, which is over-reliant on oil, into a country that could become a net exporter of green energy. 

Also read: ‘Have never walked away from investing in India,’ says Gautam Adani

Also read: IOC, L&T, ReNew to form JV to develop green hydrogen biz