IOC to spend Rs.2L cr for net zero target by 2046

As a part of the decarbonisation drive in the country, India’s top oil refiner Indian Oil Corp (IOC), plans to invest more than Rs 2 lakh crore, or $25 billion, to achieve net-zero emissions from its operations by 2046.

The target set is in line with India’s aim to reach net-zero emissions by 2070.

The firm’s oil refining and petrochemicals business has a total emission of 21.5 million tonnes of carbon dioxide (CO2). The firm plans to decarbonise refining and petrochemicals operations through energy efficiency, electrification and fuel replacement. IOC will achieve net zero operational emissions by 2046, when the country will be celebrating 99th year of independence, Vaidya said.

IOC along with its subsidiary Chennai Petroleum Corp controls about a third of the country’s 5 million barrels per day of refining capacity.

Most of IOC’s efforts will be targeted at decarbonising its refineries and petrochemical complexes.