State-run ONGC on Tuesday said that it has signed a Memorandum of Understanding (MoU) with Greenko ZeroC (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 in New Delhi by ONGC Director (onshore) Anurag Sharma and Greenko CEO and Managing Director Anil Kumar Chalamalasetty, in the presence of HS Puri, Minister for Petroleum and Natural Gas.

Making India a hub

“This MoU is in line with the National Hydrogen Mission, launched by the Prime Minister, in making India a global green hydrogen hub. The activities envisaged under this MoU will contribute towards India’s target of producing 5 million tonnes of green hydrogen per annum by 2030,” ONGC said in a statement.

The 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’s aim is to meet its objectives such as de-risking of portfolio against long term disruptions and reducing carbon footprint by moving into renewables space, it added.