Indian Oil committed to be the flag bearer of green energy transition: S.M. Vaidya

Indian Oil Chairman S.M. Vaidya has said that IndianOil is committed to meeting India's rapidly growing energy needs. We are also committed to being the flag bearers of India's green energy transition. Thus we are increasing our green efforts. With a definite focus going forward, we will consolidate our green assets under one umbrella for better synergy. Our ambitious green roadmap also includes building effective partnerships to nurture commercial scale green businesses.

We will provide opportunities to investors and technology providers around the world. We aim to create a portfolio to partner with in our journey. The target is 3 GW of renewable energy and 0.6 MMT biofuel by 2025, 35 GW of renewable energy, 4 MMT biofuel and 1 MMT biogas by 2030 and 200 GW renewable energy, 7 MMT biofuel and 9 MMT biogas by 2050. IndianOil's best-in-class capability on project execution will be instrumental in providing accessible, low-cost energy to every Indian.

IndianOil's renewable energy portfolio currently stands at 239 MW. Which is being expanded through new wind, solar, hydro and pumped hydro projects. We are also collaborating with NTPC to add about 2.8 GW of renewable energy capacity. The supply chain is also being made green by solarizing 20 thousand 705 retail outlets with an installed capacity of 121 MW. Initiatives in EV are being accelerated by setting up 4700 charging stations and 66 battery swapping stations. An agreement has been entered into with Phinergy, an Israeli startup company specializing in hybrid lithium-ion and aluminum-air battery systems, to form IOC Phinergy Private Limited. Various other battery chemistries are also being explored.

IndianOil has also made a strong presence in the country's emerging green hydrogen ecosystem. The company has tied up with Renew Power Private Limited (Renew) and Larsen & Toubro Limited (L&T) for green hydrogen business. Seven KTPA green hydrogen capacity is being developed at Panipat Refinery. A demonstration facility has been set up at Gujarat Refinery for hydrogen delivery using hydrogen from the refinery unit. IndianOil's R&D center is also completely oriented towards the development of low-carbon technologies and products.

Indian Oil has already made deep inroads in the field of biofuels. Various biofuel projects and initiatives are being implemented in ethanol, bio-diesel, Compressed Bio Gas (CBG), organic manure, sustainable aviation fuel (SAF) and waste-to-energy. IndianOil has set up a paddy straw based 2G ethanol plant and off-gas based 3G ethanol plants at Panipat. IndianOil has commissioned 20 CBG plants under the SATAT initiative. CBG is also being sold by IndianOil under the brand name IndiGreen through 41 retail outlets across India. IndianOil has also set up one hundred tonne per day cow dung to CBG plant in Jaipur and two hundred TPD mixed waste to CBG plant in Gorakhpur, UP. Indian Oil is also expanding its green product bouquet with innovative solutions like Indigreen, XP-95, XP-100, ExtraGreen, Xtra Tej, Servo Raftar etc.

Indian Oil is the leading Indian corporate in the oil and gas sector as per the Global Ranking on Change released by Bloomberg New Energy Finance (BNEF). Globally, Indian Oil has been ranked 22nd in the ranking. Indian Oil has also topped among oil and gas corporates for low carbon investment as a share of total capex. According to the report, Indian Oil's share in low carbon investments is 1.8 per cent of its total capex. Today Indian Oil meets nine per cent of the country's energy needs and aspires to increase this share to 12 per cent by 2030.