The IOC will install 10,000 electric vehicle charging stations over the next three years and plans to cut greenhouse gas emissions from its operations.
The state-run refiner has announced plans to build thousands of electric vehicle (EV) charging stations to help the country NetZero Carbon target by 2070.
Indian Oil Corporation (IOC) will set up 10,000 electric vehicle charging stations over the next three years and plans to cut greenhouse gas emissions from its operations, its chairman said on Wednesday.
Bharat Petroleum on Wednesday also announced plans to provide EV charging infrastructure at 7,000 of its fuel stations over the next few years. In September, Hindustan Petroleum Corporation announced plans to set up 5,000 EV charging stations in the country over three years.
Prime Minister Narendra Modi on Monday announced 2070 as the target for India to reach net zero, saying that the share of renewable energy in India’s energy mix will increase from 38% to 50% by 2030 and projected emissions There will be a reduction of one billion tonnes.
IOC, the country’s largest fuel retailer and refiner, controls about a third of the country’s 5 million barrels per day (bpd) refining capacity. Three state-run refiners control about 90% of the country’s retail fuel stations.
Oil and gas majors globally have announced plans to reduce or eliminate emissions by 2050.
“At all our refineries, we are taking steps to make them zero from production point of view. We will make an announcement soon,” Srikant Madhav Vaidya said at a press conference.
However, plans to reduce emissions associated with the use of refined products such as gasoline sold at fuel stations or jet fuel sold to airlines were still a long way off, he said.
The state-run refiner has announced that it will use clean electricity from the grid to boost its capacity expansion. It also plans to use green hydrogen at its Mathura and Panipat refineries in North India.
The National Hydrogen Mission mandates that by 2030 refiners and fertilizer producers should meet half their hydrogen needs through green hydrogen.
Mr Vaidya said India’s net zero target will not affect his firm’s refining expansion plans as India’s per capita energy consumption is one-third of the global average, allowing for the use of all forms of energy, including fossil fuels.
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