IOC lines up ₹2.4 lakh crore to achieve net-zero emissions target
Indian Oil Corporation (IOC) plans to spend about ₹2.4 lakh crore to achieve its net-zero operational emissions target by 2046, said its chairman Shrikant Madhav Vaidya.
«Our well-crafted blueprint, with a staggered investment plan of about ₹ 2.4 trillion or $30 billion, will take us towards the net-zero destination,» Vaidya told shareholders at the company's annual gathering.
IOC, which is the nation's largest refiner as well as fossil fuel retailer, also plans to invest about ₹1 lakh crore to expand its refining capacity by a third to 107 million metric tonnes per annum.
«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,» Vaidya said. He cited the latest outlook from the International Energy Agency, which shows India's oil demand rising from the current 5 million barrels per day (mbpd) to 7 mbpd by 2030, and about 9 mbpd by 2040.
«We have seen how the tumultuous geopolitical events that unfolded last year led to the rearrangement of the energy baskets of the developed economies, leaning towards conventional fuels,» said Vaidya. He said IOC is collaborating with Italy's Snam to explore the possibility of converting the existing natural gas pipelines for hydrogen transportation.
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