ONGC cognizant of its responsibility towards environment: GCNI President & ONGC CMD Subhash Kumar

ONGC CMD and GCNI President Subhash Kumar noted that ONGC, being the National Oil Company and an internationally-recognized organization, is cognizant of its responsibility towards the environment. Mr Kumar was delivering the Presidential address during the inaugural session of India Sustainability Dialogue 5.0 by Global Compact Network India (GCNI). He said ONGC has taken several reforms to strengthen its net zero agenda. “We plan to set science-based targets on G&G emissions for short and medium terms to help achieve the larger goal of net zero,” added Mr Kumar.

The GCNI President urged organizations to be proactive in addressing Environment Social and Governance (ESG) issues by setting up firm strategies along with traditional financial matrix and meticulous plan of execution. “The need of today’s sustainable leadership is to define measurable goals and objectives that can be evaluated and report results for demonstrating to stakeholders. We need to build the confidence that investment in sustainable initiatives is worthwhile,” said Mr Kumar.

GCNI President and ONGC CMD Subhash Kumar delivering the President's address
GCNI President and ONGC CMD Subhash Kumar delivering the President's address

Mr Kumar further emphasized that there is a continued need to implement strategies and their timely execution to promote sustainability agenda among all stakeholders. In line with the theme of the Sustainability Dialogue 5.0 – Accelerating Sustainability Agenda from Strategy to Execution – Mr Kumar noted that the need for urgent action from strategy to execution intensifies to push further our sustainability agenda. “We need to share pragmatic solutions and our personal insights on this.”

CMD stated that in the recent days the definition of sustainability expanded from mere environmental viewpoint to inclusion of economic and social equity. “The situation of our planet is changing rapidly, where the danger of global warming is upon us. Amidst this rapid transition, India plans that renewable energy will account for more than 50% of the total power capacity by 2030 by deploying 450 GB of installed capacity. With this India can showcase its green energy pathway globally,” he said.

CMD addressing the virtual gathering
CMD addressing the virtual gathering

Mr Kumar noted that the strategies to achieve net zero emission by 2050 must be evaluated in line with the 17 United Nation Sustainable Goals (UNSG). He asserted that the government is implementing several reforms to achieve secure, affordable and sustainable energy ecosystem that can par robust economic growth.

However, Mr Kumar said that despite renewables, fossil fuel will continue to play a dominant role in global economy for several decades to come. “In view of the growing energy demand, there is scope for all forms of energy to co-exist, whatever be the transition pathway. Oil & Gas will play key role in the energy spectrum of the country by minimizing emissions from its core operations,” he added.

The GCNI India Sustainability Dialogue 5.0 is being attended by speaker from across business, industry, central and state government, UN agencies, civil society and academia. The leading experts are deliberating key issues to highlight the ways to operationalize ‘Strategy to Execution’.