As one of India’s key sectors and the foundation of its economy, the oil and gas industry is extremely crucial.
Particularly, the petroleum industry is one of the eight fundamental sectors that greatly contribute to industrialization and the development of India’s economy.
Indian Oil Corporation Limited manufactures petroleum and petroleum-related goods in addition to searching for and refining crude oil.
Lubricating oils, liquefied petroleum gas, aviation turbine fuels, greases, wax, bitumen, and asphalt are among the company’s goods. India is home to retail locations for Indian Oil Corporation. The Indian government owns a large majority of the company’s shares.
Shrikant Madhav Vaidya, chairman and managing director of the state-run Indian Oil Corporation (IOC), said at the business’ 64th annual general meeting that the firm will invest $30 billion in its green efforts.
According to IOC, this investment will be judiciously deployed to support a wide range of all-encompassing environmental sustainability initiatives throughout the corporation’s extensive activities.
These monies will be used in large part to support innovative research and development projects that aim to produce groundbreaking new technologies. These developments will be crucial in significantly reducing carbon emissions, demonstrating IOC’s commitment to leading sustainable energy solutions on a worldwide scale.
Importantly, this investment program will strengthen Indian Oil’s renewable energy portfolio, with an emphasis on increasing its presence in the quickly rising solar and wind energy industries. Indian Oil seeks to meet India’s expanding energy needs while drastically decreasing its ecological imprint by using the limitless potential of renewable resources.
Indian Oil has a stronger commitment, with a firm goal to achieve zero operating emissions by 2046. This objective includes a plan to deal with both Scope 1 and Scope 2 emissions.
Indian Oil claims that its unwavering dedication to environmentally friendly practices has brought them recognition on a global scale. In the most recent Bloomberg NEF 2023 Energy Transition Score, the firm was ranked number 23 among all worldwide oil and gas enterprises.
