The partnership is in line with the national hydrogen mission, which aims to make India a global green hydrogen hub. India has pushed the pedal to achieve its target of becoming a carbon neutral nation.
The auto sector has witnessed a robust transition to electric vehicles (EV) as the share of green vehicles has surged on the roads. On the other hand, the utilisation of renewable energy to power the public EV charging setups is also contributing towards reducing the carbon footprint in the country.
As per the understanding, the duo will join forces to contribute towards the country’s ambitious target of producing 5 million tonnes of green hydrogen annually by 2030.
The Memorandum of Understanding (MoU) was signed by ONGC Director, Anurag Sharma and Greenko CEO & MD, Anil Kumar Chalamalasetty in New Delhi. ONGC said that this partnership will also act as a stepping stone for its renewable energy targets as per its energy strategy 2040.
While the country continues to shift from internal combustion engine (ICE) vehicles to electric vehicles, the prospect of mass adoption of green hydrogen powered vehicles isn’t too far away in the future.
Earlier this year, Union Minister Nitin Gadkari made the headlines as he arrived at the parliament in his Toyota Mirai – a fuel-cell electric vehicle (FCEV). FCEVs combine hydrogen and oxygen from ambient air to power the on-board electric motor.
As the share of renewables in the energy mix is rising driven by cost competitiveness, climate change awareness and strong regulatory push, ONGC said it aims to meet its objectives such as de-risking of portfolio against long term disruptions and reducing carbon footprint by moving into renewables space.