Indian Oil has announced a planned $30bn investment to help it reach its 2046 net-zero target for operational emissions.
In a gathering of shareholders, Indian Oil chairman Shrikant Madhav Vaidya commented: “Our well-crafted blueprint, with a staggered investment plan of about Rs 2.4tn or $30bn, will take us towards the net-zero destination.”
The company also announced an investment of Rs1 lakh crore ($12bn) to increase its refining capacity, already India’s largest, by a third. Under this plan, Indian Oil will have a refining capacity of 107 million metric tonnes per year.
Vaidya noted the importance of ensuring India’s future energy security with a broad swathe of strategies, adding: “As we navigate through the realms of India’s green agenda, I must also underline that given India’s progress trajectory and geopolitical realities, it is imperative to strengthen our focus on the traditional fuel business.”
Statistics from the International Energy Agency (IEA) have predicted that India’s oil demand will rise from the current five million barrels per day (mbpd) to 7mbpd by 2030, and 9mbpd by 2040. The IEA also notes that India has committed to reach net-zero emissions overall by 2070 and to have half of its electricity coming from renewable sources by 2030.
The Indian Government has also recently taken major steps on the road to a net zero future, most recently by setting minimum standards for the production of green hydrogen. Hydrogen can only now be classed as green if it has well-to-gate emissions of no more than 2kg CO₂ equivalent per kilogram of hydrogen.
