Indian Oil Corp. has announced its plan to emerge as India’s leading integrated green energy and decarbonization major. The oil and gas major targets net-zero operational carbon emission by 2046 and plans to offer a diverse portfolio of both molecules and electrons targeting 35 GW of renewable energy capacity, one million metric tonnes of biogas, and 4 million metric tonnes of biofuels by 2030. It targets 200 GW of renewable energy, 9 million metric tonnes of biogas, and 7 million metric tonnes of biofuels by 2050.
From 0.4 million metric tonnes of green hydrogen capacity in 2030, IndianOil will also have approximately 2 million metric tonnes of green hydrogen in its fold by 2050.
The oil major will consolidate all its existing green assets under one entity and scale its footprint across sustainable energy avenues like biofuels, renewables, green hydrogen, and CCUS (carbon offsets and carbon capture, utilization and storage).
To give a fillip to all these green and decarbonization initiatives, Indian oil is building the world’s largest renewable energy research campus in Faridabad at a total plan outlay of INR 32 billion ($580,000). This centre will house four centres of excellence in alternate energy, nanotechnology, synthetic biology, and material and corrosion research.