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

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• Aug 25, 2022 | Guriya Khatun

According to Vaidya, IOC has created a plan to achieve net zero Scope 1 and 2 emissions, i.e., emissions from its energy use and crude refining activities.

Digital Desk: 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.

The corporation is starting a decarbonization journey that will be important for the world as well as for the company's future, Vaidya said.

"Indian Oil will be operationally independent of emissions in the 99th year of India's independence (2046)," he declared.

After that, IOC intends to reduce emissions to around 0.7 billion metric tonnes of carbon dioxide annually with an investment of over 2 trillion rupees ($25 billion).

According to Vaidya, IOC has created a plan to achieve net zero Scope 1 and 2 emissions, i.e., emissions from its energy use and crude refining activities.

Refineries and petrochemical complexes, which make up 97% of IOC's operations, will be the focus of the majority of its efforts, he said.