IndianOil Invests ₹2.5 Lakh Crore in Green Energy Transition

IndianOil, India's energy leader, has announced an investment of ₹2.5 lakh crore to drive itself into a cleaner energy future. The organization will be investing in renewable energy, green fuels, hydrogen energy, electric mobility, and biodiversity conservation. The move is the part of company's plan to achieve net-zero emissions by 2046 and a major paradigm shift of the nation's energy path towards sustainability.

Scaling up Clean Energy Programmes:-
IndianOil posted an all-time high profit of ₹39,619 crore in FY 2023-24, which enabled it to step up investments in sustainability. The company is planning to raise its proportion of renewable energy supply from 9% to 12.5% by 2050. It has also been placed 23rd among the world's top performers in the BloombergNEF Transition Score and ranked India's highest-placed oil and gas company in the S&P Dow Jones Sustainability Indices 2023.

As part of its energy transition strategy, IndianOil has set up Terra Clean Limited with a ₹5,000 crore investment to develop 1 GW of renewable energy capacity. The firm is also exploring low-carbon fuel alternatives, including biofuels, hydrogen, and sustainable aviation fuel (SAF).

Scaling Up Biofuel and Sustainable Fuel Production:-
IndianOil is also working aggressively on alternative fuel sources under the SATAT program to increase the production of biofuels. Under its Indigreen brand, the company has already commissioned 85 retail outlets and 31 Compressed Biogas plants. It will commission 30 more plants jointly with entities like Ever Enviro, GPS Renewables, and Praj Industries for an investment of ₹3,000 crore.

SAF manufacturing has also accelerated to facilitate decarbonization of air travel. IndianOil, in association with LanzaJet Inc., is building an 86.8 TMTPA SAF plant at Panipat, Haryana, with bioethanol as feedstock.

Investment in Electric Mobility and Hydrogen Energy:-
IndianOil is keenly supporting the establishment of electric vehicle (EV) charging infrastructure in India. IndianOil has already installed over 10,000 EV charging stations and 100 battery-swapping stations across the nation. In the 2023-24 financial year, it installed 3,601 charging stations, 16 battery-swapping stations, and launched India's first EV corridor in Himachal Pradesh.

Hydrogen fuel transport is another priority area, with IndianOil having commissioned a 10-kilotonne-per-annum green hydrogen plant in Panipat Refinery. Pilot trials for hydrogen blending are also being undertaken by the company in collaboration with SNAM Italy to evaluate the feasibility of hydrogen as part of India's energy transition.

Biodiversity and Circular Economy Initiatives:-
Besides energy transition, IndianOil is engaged in environment conservation by preserving endemics such as one-horned rhinoceroses, Olive Ridley sea turtles, cheetahs, and Royal Bengal tigers. It has also launched several circular economy initiatives, including its "Unbottled" program, under which eight million PET bottles are recycled to produce uniforms. Cycloplast, another initiative, is focused on promoting plastic recycling and waste management solutions.

Future of India's Sustainable Energy:-
IndianOil's large investment in sustainable energy is proof of India's vision for the future. Being at the forefront with its focus on renewable fuels, biofuels, hydrogen technology, and electric mobility, the company is setting the agenda for the future of India's energy sector. With India adopting cleaner energy solutions, IndianOil's initiatives can determine the industry's future direction.

Source: India CSR