Tuesday saw the signing of a Memorandum of Understanding (MoU) between the state-owned Oil and Natural Gas Corporation Limited (ONGC) and Greenko ZeroC Private Limited to work together on prospects in renewable energy, green hydrogen, green ammonia, and other green hydrogen derivatives.
One of India's top companies for renewable energy is Greenko.
ONGC Anil Kumar Chalamalasetty signed the MoU in New Delhi, which has a two-year validity.
According to a press release from the firms, the MoU is in accordance with the government's National Hydrogen Mission, which aims to turn India into a center for green hydrogen throughout the world.
The tasks outlined in this MoU will help India reach its goal of producing 5 million tones of green hydrogen annually by 2030. According to the business, this MoU will help ONGC get closer to meeting its 2040 Energy Strategy goals for renewable energy.
According to ONGC, by entering the renewables market, which is growing in importance due to cost competitiveness, awareness of climate change, and strong regulatory pressure, the company hopes to achieve its goals, including de-risking its portfolio against long-term disruptions and lowering its carbon footprint.
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