India’s Oil and Natural Gas Corp earmarks INR 1 tn for green energy projects: Indian oil company Oil and Natural Gas Corp (ONGC) is allocating INR 1 tn (USD 12.1 bn) to grow its clean energy generation to 10 GW by the end of the decade from its current production volume of 189 MW, Bloomberg quoted ONGC Chairman Arun Kumar Singh saying earlier this week. The company — which produces around half of India’s oil and gas — may become carbon neutral by 2038, according to Singh, but its greenhouse gas slashing plan excludes carbon generated from its oil and gas sales.

A French “battery valley”: France inaugurated its first EV battery plant on Tuesday under a plan to turn the Hauts-de-France region into a “battery valley,” AFP reports. The “gigafactory” in Billy-Berclau is owned by Automotive Cells Company (ACC), a joint venture between French TotalEnergies, Germany’s Mercedes-Benz, and US-European car maker Stellantis. It is the first of four factories set to open in the next three years in the area as demand for EVs grows. Production at the factory is set to begin this summer, with the facility set to supply 500k per year by 2030 under the French government’s plan to manufacture 2 mn EVs per year by then.

The more, the merrier: Two other ACC-owned factories are set to open in Germany and Italy, German Transport Minister Volker Wissing said, stressing that "Europe remains at the forefront of global progress tomorrow."

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • US car maker General Motors and South Korean chemical company Posco Future have secured USD 221 mn from Canada's provincial and federal governments for an EV battery plant in Quebec, Canada, covering 50% of the facility’s cost. (Bloomberg)
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