Oil and Natural Gas Corporation Ltd (ONGC) has signed a Memorandum of Understanding (MoU) with Solar Energy Corporation of India (SECI) to realise its green energy objectives.

The MoU was signed by ONGC CMD Subhash Kumar and SECI MD Suman Sharma on behalf of the two national energy companies on Thursday( 2 December) in New Delhi.

The MoU provides a broad, overarching framework for ONGC and SECI to collaborate and cooperate for undertaking renewable energy projects including solar, wind, solar parks, EV value chain, green hydrogen, storage, etc., a Petroleum Ministry release said on Friday (3 December).

Speaking on the occasion, ONGC CMD Subhash Kumar said, “While we appreciate the magnitude and urgency of the climate change challenge, we also understand our commitment towards energy security of the country and are committed to carrying out our business in a sustainable manner".

"ONGC has a multipronged strategy to make its green energy portfolio richer and has plans to progressively move towards carbon neutrality by effective carbon management and adding Renewable Energy Capacity," Kumar added.

SECI MD Suman Sharma said: “SECI is happy to associate with ONGC in this path-breaking initiative that will open new avenues of sustainable development and promises to take India to new frontiers of technology and scale. We are dedicated towards fulfilling India’s climate commitments and look forward to a continuing partnership.”

ONGC has been pursuing green energy agenda through various alternatives and renewable sources of energy, the ministry said.

It has set a target of producing a minimum of 10 GW of renewable power by 2040 while continuing its focus on the core exploration and production (E&P) business.