Indian Oil NSE -3.14 percent, HPCL NSE -3.61 percent, GAIL NSE -4.91 percent, and BPCL NSE -5.64 percent, all state-owned oil and gas companies, are drafting roadmaps towards net-zero emissions as part of the country’s resolve to address the climate problem.
The oil ministry has been aggressive in pressuring these companies to develop plans for increasing renewable energy and green hydrogen induction to balance emissions from operations, as well as to prepare them for an energy transition that could eat into traditional gasoline sales.
For a corporation to be net-zero, it must achieve a balance between the amount of greenhouse gases it emits and the amount it removes. Indian oil businesses want to be net-zero in terms of emissions produced by their activities, not by their suppliers or consumers.
BPCL wants to reach net-zero emissions by 2040, while Indian Oil says it would publish its goal soon. HPCL and GAIL are finalizing specifics and determining a reasonable target.
By March, all four companies should have completed their roadmaps. According to numerous persons acquainted with the situation, its top executives have made presentations to authorities in the oil ministry, giving a peek of what they intend to do.
HPCL chairman MK Surana told ET, “We will have a net-zero aim and a thorough action plan in place soon.” “We need to align ourselves with the national climate pledge.”
HPCL’s decision in September to build 5,000 electric vehicle charging stations over three years sparked a chain reaction among state-run oil and gas companies, causing Indian Oil and BPCL to announce their own plans for 10,000 and 7,000 charging stations, respectively.
Green hydrogen plants have already begun to be built at BPCL, GAIL, and Indian Oil sites.