NEW DELHI: As a part of the decarbonisation drive in the country, India's top oil refiner Indian Oil Corp (IOC), plans to invest more than Rs 2 lakh crore, or $25 billion, to achieve net-zero emissions from its operations by 2046, IOC chairman S.M. Vaidya said on Thursday.
The target set is in line with India's aim to reach net-zero emissions 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 at the PSU’s annual shareholders meeting here.
The firm’s oil refining and petrochemicals business has a total emission of 21.5 million tonnes of carbon dioxide (CO2). The firm plans to decarbonise refining and petrochemicals operations through energy efficiency, electrification and fuel replacement. IOC will achieve net zero operational emissions by 2046, when the country will be celebrating 99th year of independence, Vaidya said.
The chairman further said that IOC has already prepared a road map to achieve its net zero scope 1 and 2 emissions, ie; emissions produced from its crude refining operations and energy consumption. "To cut emissions, IOC plans to use renewable energy to fuel its capacity expansion and is setting up green hydrogen plants at its Panipat and Mathura refineries," he added.
IOC along with its subsidiary Chennai Petrol-eum Corp controls about a third of the country’s 5 million barrels per day of refining capacity.
Most of IOC's efforts will be targeted at decarbonising its refineries and petrochemical complexes.
