Indian Oil Corporation (IOC), one of the largest oil companies in India, has announced an ambitious plan to invest Rs 5 lakh crore ($68 billion) by 2050 in renewable energy and biofuels. The investment will be used to set up 200GW of renewable energy capacity and produce 7 million metric tonnes (MMT) of biofuels.
The announcement comes as part of Indian Oil’s efforts to diversify its energy portfolio and move towards a more sustainable future. The company aims to achieve net-zero carbon emissions by 2045 and become a leader in the renewable energy sector.
The plan includes setting up solar and wind power projects, along with energy storage facilities and hydrogen production units. Indian Oil also plans to develop second-generation biofuels from non-edible sources such as agricultural waste, municipal solid waste, and forestry residues.
Speaking on the occasion, the Chairman of Indian Oil stated, “We are committed to playing a leading role in India’s energy transition. This investment in renewable energy and biofuels is a significant step towards achieving our goal of net-zero carbon emissions by 2045.”
The investment of Rs 5 lakh crore by Indian Oil is expected to create job opportunities and contribute to the country’s economic growth. The move is also expected to help India achieve its renewable energy target of 450GW by 2030 and reduce the country’s dependence on fossil fuels.
The announcement by Indian Oil underscores the growing importance of renewable energy in India’s energy mix. With increasing focus on sustainable energy solutions, initiatives such as this are expected to drive innovation and investment in the renewable energy sector, thus contributing to India’s sustainable development goals.