Being carbon neutral, or having a zero carbon footprint, means achieving net zero carbon emissions by balancing a measured amount of carbon released with an equivalent amount sequestered (storing carbon-dioxide in a solid material through biological or physical processes) or offset.
The Navratna"s highest policy making body has approved a set of measures with timelines to reduce carbon emissions across all field activities of the company, which is being adopted as a mission on Carbon Neutrality by ONGC. During GHG accounting, emission inventory of oil-field installations like rigs and platforms would be calculated, based on which field-specific targets for GHG emission reduction will be drawn up.
This would be followed up by engineering interventions to improve energy and carbon efficiency including energy audits at the installations. The organizational systems and processes would be reoriented to maintain the GHG accounting protocol.
Being carbon neutral will also help ONGC improve operational processes in terms of energy efficiency and adoption of better technology, leading to better business economics. R S Sharma, CMD of ONGC and also President of the Indian arm of United Nation"s Global Compact (formed to consolidate corporate action to advance universal values around human rights, environment, labour standards and anti-corruption) said, “ONGC will spearhead corporate action to mitigate climate change, leading to zero carbon footprint – a commitment for a Green Society".&13;