Indian Oil Corp To Go Net Zero By 2046

In its annual shareholder meeting, Indian Oil Corporation's (IOC) chairman S.M. Vaidya announced they are planning to go net zero by 2046. This is in line with India's goal of achieving carbon neutral status by 2070. The roadmap is laid ahead to achieve net zero in scope 1 and scope 2 emissions, that is, those emissions which relate to crude oil and energy consumption.

IOC also aims to replace its fossil fuels by Hydrogen as a part of its carbon neutral initiative. To achieve this, they will set up green hydrogen plants in Panipat and Mathura, and aim to reach 10% of its total production by 2027-28. The program comes at a time when close to 70 percent of India's energy demands are met by fossil fuels.