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Home » News » NTPC and OIL unite for the renewable energy revolution and net zero 2070 goal

NTPC and OIL unite for the renewable energy revolution and net zero 2070 goal

September 1, 2023 5:59 pm

NTPC and OIL unite for the renewable energy revolution and net zero 2070 goal
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Oil India Limited, the second-biggest national oil and gas firm in the nation, and NTPC Limited, the largest integrated power utility corporation in India, have formed a strategic alliance as a historic step towards sustainable energy solutions. This important partnership intends to advance the field of renewable energy and aid India in its ambitious plan to achieve net zero emissions by 2070.

A Memorandum of Understanding (MoU) was recently signed by NTPC Limited and Oil India Limited, ushering in a new era of collaboration in the clean energy sector. This Memorandum of Understanding covers a number of aspects of renewable energy, such as green hydrogen and its derivatives, as well as decarbonisation measures, with a focus on using geothermal energy. Additionally, the agreement makes it easier for people to share knowledge and experience about cutting-edge decarbonisation technology like carbon sequestration.

The impressive 73,024 MW installed capacity of NTPC Limited spans the entire value chain of the electricity industry. In contrast, the state-owned company Oil India Limited is focused on the discovery, development, and production of crude oil and natural gas. They intend to use their combined talents and resources to quicken India’s switch to renewable energy sources.

One of NTPC’s main goals is to have a renewable energy capacity of 60 GW by 2032, demonstrating a significant commitment to the production of clean energy. The company is prepared to play a pioneering role in energy storage and green hydrogen technologies with the goal of revolutionising the energy sector. NTPC has started a number of programmes to reduce carbon emissions, including the use of carbon capture technologies, fuel cells, and green buses.

In addition to strengthening India’s renewable energy industry, the strategic partnership between NTPC Limited and Oil India Limited serves as a shining example of how large corporations can band together to tackle the urgent issues of climate change and work towards a sustainable, carbon-neutral future. This agreement is a brave move in the direction of attaining India’s Net Zero 2070 ambition while demonstrating the strength of collaboration in the global battle against climate change.

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