State-owned energy major Oil and Natural Gas Corporation Limited (ONGC) has signed a Memorandum of Understanding (MoU) with Greenko ZeroC Private Limited (Greenko), to jointly pursue opportunities in renewables, green hydrogen, green Ammonia and other derivatives of green hydrogen.

The MoU, valid for two years, was inked on Tuesday (26 July) in New Delhi by ONGC Director (Onshore) Anurag Sharma and Greenko CEO and MD Anil Kumar Chalamalasetty, in the presence of Union Minister of Petroleum and Natural Gas and Housing and Urban Affairs Hardeep Singh Puri.

Greenko is one of India’s leading renewable energy companies.

According to a Petroleum Ministry release, this MoU is in line with the National Hydrogen Mission launched by Prime Minister Narendra Modi in making India a global green hydrogen hub.

The activities envisaged under this MoU will contribute towards India’s target of producing of 5 million tonnes of Green hydrogen per annum by 2030, the ministry said.

This MoU will also act as a stepping stone for ONGC to achieve renewable energy targets as per its Energy Strategy 2040.

As the share of renewables in the energy mix is rising driven by cost competitiveness, climate change awareness and strong regulatory push, ONGC aims to meet its objectives such as de-risking of portfolio against long term disruptions and reducing carbon footprint by moving into renewables space, the ministry said.