Indian Oil to spend $25 billion to become carbon neutral by 2046

Indian Oil Corporation operates 11 refineries out of the 23 present in India, this is the largest share among all the refining companies. The company accounts for 32% of all oil being processed in India.

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India’s top oil refining company, the Indian Oil Corporation’s chairperson S.M Vaidya in an annual shareholders meeting held today said that the Indian Oil Corporation aims to achieve net zero by 2046.

India is one of the largest emitters of greenhouse gases in the world and aims to go carbon neutral by 2070.

“The company is embarking on a decarbonisation journey that will be crucial not only for the company’s destiny but also for the planet,” Vaidya said.

“On the 99th year of India’s independence (2046), Indian Oil will be operationally independent of emissions,” he said.

IOC has plans to invest $25 billion to cut down emissions to about 0.7 billion metric tonnes annually.

Vaidya mentioned the roadmap that IOC has prepared to achieve net-zero scope 1 and 2 emissions. These are emissions made from refined crude and consumption of energy.

Most of IOC’s efforts will be targeted at decarbonising its refineries and petrochemical complexes, which account for 97% of its operations, Vaidya said.

Indian Oil Corporation operates 11 refineries out of the 23 present in India, this is the largest share among all the refining companies. The company accounts for 32% of all oil being processed in India.