Indian Oil to Invest Rs 1 Lakh Crore for 18 GW Green Energy

Indian Oil Corporation (IOC) is set to invest a massive Rs 1 lakh crore to ramp up its green energy capacity by 18 gigawatts (GW).

This bold move is part of the company’s plan to transition into renewable energy and reduce carbon footprint. The investments will concentrate on numerous initiatives such as wind, solar, and green hydrogen and will transform IOC into a big contributor to clean energy in India.

The reason that made the company pursue the green energy ambition is because of the increasing domestic energy demands as well as compliance with the global sustainability targets.

According to one of the senior IOC officials, that investment will assist us in our objective of becoming a net-zero carbon emitter by 2046. The pledge is included in the move by the government to pursue cleaner power sources in reaction to the climate change.

Also Read: Powering the Planet Sustainably: Scaling Clean Energies in Oil-Dependent Markets

The Green energy strategy of IOC will involve the establishment of large-scale renewable energy power plants, which will produce a significant share of the rising power requirements in India. With a focus on the solar and wind power and green hydrogen, IOC seeks to diversify its energy supply and cease the reliance on fossil fuels. The company is also going to partner with several stakeholders, such as technology partners and the local governments to accelerate these projects.

Such a big outlay is an indication of change in the vision of IOC in the long run with a sustainable and greener future of the energy landscape in India. Through this action, the state owned oil giant is in a good position to spear head the renewal energy revolution in the country.