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IOC, India's largest oil refiner, has announced that it aims to turn to net zero emissions by 2046 by investing a sum of Rs 2 trillion in a phased manner.
"The company is embarking on a decarbonization journey that will be crucial not only for the company’s destiny but also for the planet. In the 99th year of India’s independence (2046), Indian Oil will be operationally independent of emissions," IOC Chairman S.M.Vaidya said after the refiner's 63rd AGM.
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The company has been following a green agenda for some time. It is already working on emission reduction methods such as green hydrogen, biofuels, renewables, carbon offsetting through ecosystem restoration, and Carbon Capture Utilisation and Storage (CCUS), among others.
IOC currently produces around 21 million metric tonnes of greenhouse gases, mainly from its refining operations.
Of this, 96% originate from processes like direct fuel burning to generate energy, referred to as Scope-1 emissions. Scope-2 emissions, which amount to the remaining 4%, originate from grid sourcing electricity.
IOC's net zero encompasses both these emissions.
Its efforts to reduce emissions include an audit of project efficiency to reduce emissions, increasing the adoption of natural gas in place of liquid fuels, installing 2&5 KTPA units of green hydrogen at its refineries, energy efficiency, and solarization in the retail network among several other steps.
The scrip of IOC opened at Rs 71.15 per share, on Monday.
Article by Aman Agarwal.
This story is brought to you in association with Jobaaj.com
