India’s Top Refiner to Spend $25 Billion to Cut Emissions
- State-run Indian Oil plans to be carbon neutral by 2046
- Petroleum major to decarbonize refineries, petrochemicals
An attendant works at an Indian Oil Corp. gas station in Bengaluru, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Indian Oil Corp., the country’s biggest refiner, said it plans to spend 2 trillion rupees ($25 billion) to achieve carbon neutrality in its operations by 2046.
The company will target Scope 1 and 2 emissions under its net zero aim, Shrikant Madhav Vaidya, chairman of the state-owned refiner-cum-fuel retailer, said on Thursday. It plans to achieve 60% of the goal through mitigation and the rest via offsets, including through the purchase of carbon credits, Vaidya said.