The top refiner in the country, Indian Oil Corp, has set a 2046 net zero carbon emissions goal, its chairman S. M. Vaidya said at annual shareholders meeting. India, one of the world's biggest greenhouse gas emitters, is aiming to reach net zero emissions by 2070. Vaidya said IOC has prepared a roadmap to achieve net zero Scope 1 and 2 emissions by 2046. Scope 1 and 2 emissions relate to emissions from crude refining
and energy consumption. IOC is also targeting to replace at least a tenth of its current fossil-fuel-based hydrogen at its refineries with carbon-free green hydrogen as part of a decarbonization drive.
To start with, the nation's largest oil firm is setting up green hydrogen plants at its Panipat and Mathura refineries, IOC said in its latest annual report.
"The company is venturing into green hydrogen production and is targeting 5 per cent of hydrogen produced by it as green hydrogen by 2027-28 and 10 per cent by 2029-30," it said.
Hydrogen is the cleanest known energy source but it barely exists in a pure form on Earth. It either is bounded with oxygen in water or with carbon to form hydrocarbons like fossil fuels. As part of its decarbonisation drive, IOC is looking to replace hydrogen made by unabated fossil fuels with green hydrogen. Petroleum refining accounts for almost 42 per cent of total global hydrogen demand.