IndianOil Invests ₹2.5 Lakh Crore in Green Energy Transition
Indian Oil Corporation Ltd
Not only does the company focus on energy initiatives, it also safeguards endangered species in India, including single-horned rhinoceroses, Olive Ridley turtles, cheetahs, and Royal Bengal tigers.
Unbottled initiative recycles 8 million PET bottles into uniforms.
India's oil giant IndianOil is making a massive investment of ₹2.5 lakh crore in renewable energy, sustainable fuels, hydrogen energy, biodiversity conservation, and electric mobility.
This announcement by the company is in line with its goal of reaching net zero emissions by 2046 and smoothens its transition towards greener energy solutions.
Sustainable Investing
IndianOil logged a five-fold increase (around ₹39,619 crore) in its profit in the financial year 2023-24, the highest to date. This will help India's largest integrated and diversified energy company invest substantially in sustainability and increase its share of energy supply from 9% to 12.5% by 2050.
READ MORE: What are the Benefits of Sustainable Development?
Clean Energy Expansion and Measures
As part of expanding clean energy initiatives, the company is zeroing in on low-carbon fuel solutions and renewable energy expansion. Incidentally, it ranked 23rd globally in the BloombergNEF Transition Score and was also recognised as India's top-ranked oil and gas company in the S&P Dow Jones Sustainability Indices 2023. To develop 1 GW of renewable energy capacity, it has established Terra Clean Limited, with an investment of ₹5,000 crore.
Production of Biofuels and Sustainable Fuels
The SATAT initiative has been launched to develop alternatives to traditional fuels as part of its measures to step up biofuels and sustainable fuel production. The company is also scaling up the Compressed Biogas (CBG) network through its Indigreen brand; as of March 2024, it has commissioned 31 CBG plants and 85 retail outlets. Collaboration with companies like Ever Enviro, GPS Renewables, and Praj Industries, with an investment of ₹3,000 crore, will add 30 more CBG plants.
READ MORE: What is Corporate Social Responsibility? CSR Meaning, Types, and Benefits
Sustainable Aviation Fuel
Sustainable aviation fuel (SAF) production also received a boost to decarbonise air travel. To this end, in partnership with LanzaJet Inc., USA, IndianOil is building an 86.8 TMTPA SAF plant in Panipat, Haryana State, using bioethanol as feedstock.
EV and Battery Investment
The most populated country in the world is poised to see an enormous shift in electric vehicles (EVs), with the company having installed over 10,000 EV charging stations and 100 battery-swapping stations across the nation. During the 2023-24 financial period, 3,601 charging stations, 16 battery-swapping stations, and the country's first EV corridor in Himachal Pradesh were announced.
It does not just stop there; the company is developing hydrogen-powered transportation, setting up a 10-kilotonne-per-annum green hydrogen plant at Panipat Refinery, and conducting hydrogen-blending pilot studies with SNAM Italy. It is also focused on biodiversity, wildlife conservation, and numerous circular economy initiatives, like Unbottled and the launch of the Cycloplast brand.
READ MORE: What is the circular economy and how can it benefit your business?
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Source: India CSR
