Oil India Aims to Invest INR 25,000 Crore to Attain Net-Zero by 2040, Says CMD Ranjit Rath
Dr. Ranjit Rath stated that OIL has committed to investing in green hydrogen, the construction of 2G ethanol plants, compressed biogas plants, and the utilization of carbon capture, among other things.
September 15, 2023. By EI News Network
Rath stated that OIL has committed to investing in green hydrogen, the construction of 2G ethanol plants, compressed biogas plants, and the utilization of carbon capture, among other things. The Maharatna company plans to invest further approximately INR 8,000 crore in establishing of 2G ethanol plant.
Speaking to the shareholders, Dr Rath highlighted that following the call of the Prime Minister, OIL has set for itself an ambitious target of transforming itself into a ‘Net-Zero’ emission company by 2040 with the support of various initiatives, comprising adopting cleaner energy sources, outlaying in RE projects and executing advanced technologies to offset greenhouse gas emissions for which about INR 25,000 Crores is envisioned to be invested by 2040.
OIL intends to invest over INR 9,000 crore in 1,800 MW of solar and onshore wind energy projects, along with INR 3,000 crore in a project to produce green hydrogen. Additionally, projects for carbon capture, utilization, and storage (CCUS) would receive INR 1,000 crore in funding.
He said, it already has set up plans for 640 MW of solar projects in Assam and another 150 MW in Himachal Pradesh.
The company said it is committed to the energy security of the country through enhanced exploration and expedited production under Mission 4+.
please contact: contact@energetica-india.net.
Aman Mehtani
Founder & Group CEO
ADM Group Offers Smart, Sustainable Solutions for Global Automotive Industry
Gaurav Dolwani
CEO
From Scrap to Sustainability: LICO Materials’ Circular Economy Approach
Gaurav Kumar
Head of Supply Chain and Manufacturing
Euler Motors Bridges Cost Gap Between EVs and ICE Vehicles with Localization
Shveta Arya
India Region Leader
Powering India’s Mobility Future: Cummins Showcases Advanced Power Solutions at Bharat Mobility
Samkit Shah
Co-Founder
Jitendra EV Leading Hybrid EV Revolution with Hydrix