Indian Oil Corp to spend $25 bn for 2046 net-zero goal

NEW DELHI: Indian Oil Corp, the country’s top refiner, plans to invest more than $25 billion to achieve net-zero emissions from its operations by 2046, its chairman SM Vaidya said at an annual shareholders meeting on Thursday.

India, one of the world’s biggest greenhouse gas emitters, is aiming to reach net-zero emissions for the country 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 plans an investment of over 2 trillion rupees ($25 billion) to mitigate emissions to about 0.7 billion metric tonnes of carbon dioxide a year by then. Vaidya said IOC has prepared a roadmap to achieve net zero Scope 1 and 2 emissions - that is, emissions produced from its crude refining operations and energy consumption.

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