India’s top refiner to spend $25 billion on net zero target

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Indian Oil Corp., the country’s biggest refiner, said it plans to spend 2 trillion rupees ($25 billion) to achieve carbon neutrality by 2046.

The company will target Scope 1 and 2 emissions under its net zero aim, Shrikant Madhav Vaidya, chairman of the state-owned refiner-cum-fuel retailer, said on Thursday.

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It plans to achieve 60 percent of the goal through mitigation and the rest via offsets, including buying carbon credits, Vaidya said.

Overall emissions at its refineries and petrochemical units will start falling after 2030, Vaidya told reporters in New Delhi after he had announced the goal to shareholders.

Indian state-run energy majors have been working on plans to switch to low-carbon operations with investments planned in hydrogen and clean power.

Indian Oil will spend 5.77 billion rupees on research on green products and fuel cells, Vaidya said.

The refiner has started working on hydrogen production by gasifying biomass and expects to have a trial plant with a capacity of 1 ton a day ready by the end of the year, he said.

The refiner’s plan compares with India’s national goal of reaching net zero by 2070. The world’s third-largest emitter announced the target at COP26 at Glasgow late last year, spurring a series of policy changes to encourage decarbonization of the economy.

The Indian energy sector is looking at investments in green hydrogen and clean power, while thousands of electric vehicle charging points are also being installed across the country even as gasoline demand is expected to remain robust for many years. Indian Oil had earlier said it is working toward producing 70,000 tons a year of green hydrogen by 2030.

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