According to Indian Oil Corp’s chairman S M Vaidya, the leading refiner in the nation expects to invest more than $25 billion to achieve net-zero emissions from operations by 2046. India, one of the top emitters of greenhouse gases globally, wants to achieve net-zero emissions for the entire nation by 2070. According to Vaidya, the corporation is starting a decarbonization journey that will be important for the world and the company’s future.
“Indian Oil will be operationally independent of emissions on the 99th year of India’s independence (2046),” he declared. By then, IOC intends to reduce emissions to around 0.7 billion metric tonnes of carbon dioxide annually by investing over 2 trillion rupees ($25 billion).
According to Vaidya, IOC has created a plan to reach net zero Scope 1 and 2 emissions, i.e., emissions from its energy use and crude refining activities. He said that refineries and petrochemical complexes, which make up 97% of IOC’s operations, will be the focus of most of its efforts.