NEW DELHI: Indian Oil Corporation (IOC), the nation’s top oil firm, will invest Rs 2 lakh crore to achieve net-zero operational carbon emissions by 2046, its chairman Shrikant Madhav Vaidhya said on Thursday.
The target set is in line with India’s aim to reach net-zero emissions by 2070.
IOC, which refines crude oil into fuel and manufactures petrochemicals, will use a combination of energy efficiency measures, electrification of processes and fuel replacement.
“The company is embarking on a decarbonisation journey that will be crucial not only for the company’s destiny but also for the planet,” Vaidya said. “On the 99th year of India’s independence (2046), IndianOil will be operationally independent of emissions.”
