India's largest oil company, Indian Oil Corporation (IOC), pledged Rs 2 lakh crore on Thursday to achieve a net zero carbon emission target by 2046, according to chairman S M Vaidya.
Vaidya said that the firm's oil refining and petrochemical operations emit 21.5 million tonnes of CO2.
He stated that the company intends to decarbonize its refining and petrochemical operations, which account for 97 percent of its operations, through energy efficiency, electrification, and fuel replacement.
"IOC will achieve net zero operational emissions by 2046, when the country will be celebrating 99th year of independence," he informed.
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India, one of the world's largest greenhouse gas emitters, is aiming for net-zero emissions.
Earlier, Prime Minister Narendra Modi announced last year at COP-26 in Glasgow that the country will achieve net zero carbon emissions by 2070.
According to Vaidya, IOC has developed a roadmap to achieve net zero Scope 1 and 2 emissions, which include emissions from its crude refining operations and energy consumption.
Shares of Indian Oil Corporation ended at Rs 71.45, up by Rs 0.90, or 1.28 percent on the BSE.
(With inputs from agency)
