Indian Oil to invest $30 billion towards energy transition
- This investment will be strategically allocated to fuel an array of comprehensive environmental sustainability measures across the corporation's vast operations, IOC said
New Delhi: State-run Indian Oil Corporation (IOC) will invest $30 billion in its green initiatives, said chairman and managing director Shrikant Madhav Vaidya at the company's 64th annual general meeting,
This investment will be strategically allocated to fuel an array of comprehensive environmental sustainability measures across the corporation's vast operations, IOC said.
Vaidya's announcement “underscores IOC's unwavering commitment to aligning with India's ambitious green energy objectives and tackling climate change head-on.”
A substantial portion of these funds will be channeled into cutting-edge research and development efforts aimed at pioneering breakthrough technologies. These innovations will play a pivotal role in substantially curtailing carbon emissions, showcasing IOC's determination to spearhead sustainable energy solutions on a global scale.
Crucially, this investment initiative will bolster Indian Oil's renewable energy portfolio, with a particular focus on expanding its footprint in the rapidly growing solar and wind energy sectors. By harnessing the inexhaustible potential of renewable resources, Indian Oil aims to cater to India's burgeoning energy demands while significantly reducing its ecological footprint.
Indian Oil's commitment goes further, with a resolute aspiration to achieve zero operational emissions by 2046. This goal encompasses a strategy to address both Scope 1 and Scope 2 emissions.
Indian Oil's resolute commitment to green practices has earned it international acclaim, the company said. The company recently secured the 23rd position among global oil and gas enterprises in Bloomberg NEF's 2023 Energy Transition Score.
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First Published:25 Aug 2023, 04:10 PM IST
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