Indian Oil Corporation to invest Rs 2 trillion in net-zero emission plan

Reportedly, Indian Oil Corporation Limited (IOCL) is planning to establish green hydrogen plants at all its refineries as per a Rs 2 trillion green transition plan to achieve net-zero emissions from its operations by 2046.

The firm aims to expand its refining capacity from 81.2 million tonnes (mt) to 106.7 mt annually as it forecasts India’s oil demand to rise from 5.1 million barrels per day (bpd) to 7-7.2 million bpd by 2030 and 9 million bpd by 2040. While oil will continue to be a significant fuel for the next few years, IOCL is preparing for a transition involving green hydrogen, biofuels, electric vehicles (EVs), and alternative fuels. IOCL is planning to produce 50 per cent of its overall hydrogen output as green hydrogen within 5-10 years and 100 per cent by 2040. Additionally, the company plans to increase its renewable energy capacity to 12 GW from the current 256 MW, and have EV charging facilities at 10,000 fuel stations within two years.