carbon neutrality | Business Upturn

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

Pranay Maniar — Thu, 25 Aug 2022 07:30:25 +0000

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.

Zero carbon emission is ‘biggest challenge’ for aviation: Etihad CEO

News Desk — Tue, 24 May 2022 11:24:19 +0000

Etihad Airways CEO Tony Douglas said Tuesday that achieving net-zero carbon emissions by 2050 is the “biggest challenge” for commercial aviation. The International Air Transport Association pledged carbon neutrality by 2050 last year, a goal shared by the UAE and several other countries.

“The biggest challenge to commercial aviation is the commitment that’s been made to net-zero carbon emissions by 2050,” the Abu Dhabi-based airline’s CEO said in the Global Aerospace Summit in the UAE capital.

“As a gentleman of more mature years, it’s very easy for me and others to sign up to something like that, almost with the anticipation that it will be the next generation who has the responsibility to deliver upon that commitment.”

Fastest Growing Source of Greenhouse Gases

The aviation industry is one of the fastest-growing sources of greenhouse gases. Moreover, with air carriers considering hydrogen-powered planes to cut CO2 emissions. In October, IATA, which represents 290 airlines and accounts for 83 percent of global air traffic, made its net-zero pledge.

The UAE, one of the world’s largest oil exporters. Also announced last year a “strategic initiative” to achieve carbon neutrality by 2050. It has verbally backed the battle against climate change in recent years. But it remains one of the largest emitters of carbon dioxide per capita, along with other Gulf hydrocarbon producers.

“I imagine everybody in this room understands that. The physics of powered flight render the achievement of that objective extremely difficult anytime soon,” Douglas said.

“Our responsibility as leaders within the aerospace sector is to enable the foundations for the next generation. To deliver upon what will ultimately determine who are the winners and who are the losers in commercial aviation.”

Mahanadi Coalfields to set up 50 MW solar power plant in Odisha

Ayisha Farah — Sat, 27 Nov 2021 13:56:42 +0000

Mahanadi Coalfields Ltd (MCL) plans to establish a 50-megawatt solar power plant in Odisha’s Sambalpur district at the price of ₹301.92 crores. The green project is the role of the miner’s goal to attain carbon neutrality by 2024.

This plan will decrease carbon dioxide emission by 91,020 tonnes per annum and carbon offsets of about 24,824 tonnes per annum, Mahanadi Coalfields said in a statement on Saturday.

Mahanadi Coalfields, whose base is in Sambalpur, has put an order with a Chennai-based company to install this green energy plan within ten months. This plant will provide to the restricted power necessity of the coal-producing company. The MCL had initially installed a 2-MW solar power plant in Sambalpur in 2014.

The MCL has aimed to establish 182 MW of solar power by 2024 in order to become a net-zero energy firm, arranging itself to utilise cleaner methods of energy for coal production.

The subsidiary of Coal India had briefly proposed environment-friendly surface miner technology, which offers more than 95 per cent to coal generation. Another environment-friendly enterprise has favourably presented vertical rippers for blast-less over-burden extraction in Hingula and Kaniha opencast projects.