With an eye on revenue diversification, future-readiness, and pre-empting potential government regulation on carbon emissions, oil & gas companies — both Indian and global — are increasing investments in green energy.
While British Petroleum has invested $700 million in India’s Green Growth Equity Fund, Shell India has taken a 20 per cent stake in Bengaluru-based solar energy firm Orb Energy as part of its effort to provide reliable green energy to 100 million people in the developing world. In December 2019, India’s largest oil marketing company, Indian Oil Corporation (IOC), announced plans to invest Rs 2,500 crore in green energy over the next five to seven years.
