Indian Oil Corporation Will Invest $25 bn To Be Carbon Neutral By 2046

The largest refiner in the nation, Indian Oil Corporation, declared plans to invest 2 trillion rupees ($25 billion) to become carbon neutral by 2046. According to Shrikant Madhav Vaidya, chairman of the state-owned refiner/fuel retailer, the company will focus on Scope 1 and Scope 2 emissions as part of its net zero goal. According to Vaidya, it intends to reach 60% of the goal through mitigation and the remaining through offsets, including purchasing carbon credits.

According to Vaidya, Indian Oil will invest 5.77 billion rupees in research into fuel cells and eco-friendly products. By gasifying biomass, the refiner hopes to produce hydrogen. He claimed a trial facility with a daily capacity of one tonne will be available by the end of the year.

The refiner's strategy is compared to India's national objective, which is to achieve net zero by 2070. The aim was set at COP26 in Glasgow late last year by the third-largest emitter in the world, which sparked a number of policy changes to promote economic decarbonization.

While thousands of electric vehicle charging stations are also being installed throughout the nation despite the fact that the demand for gasoline is anticipated to stay strong for a very long time, the Indian energy sector is considering investments in green hydrogen and clean power. Indian Oil previously stated that it aims to produce 70,000 tonnes of renewable hydrogen annually by the year 2030.