CLEAN ENERGY PROJECTS : INDIA'S PRECIS

 

NEW DELHI : Oil India to invest $2 billion. Oil India Ltd aims to invest 165 billion rupees [ $1.98 billion ] in clean energy projects to meet its 2040 net zero carbon emission goal, said two sources familiar with state-run energy companies' net zero strategy.

The companies are investing billions of dollars in projects aimed at reducing emissions as one of the world's biggest emitters of greenhouse gases aims for zero by 2070.

State-run energy companies - Indian Oil Corp, Bharat Petroleum Corp, and NaturalGas Corp - have already announced their net zero goal.

Together with Oil India, the six state run energy companies plan to invest 6.38 trillion rupees, the sources said. Oil India did not respond to a request for comment.

State-controlled Oil India plans to invest about 90 billion rupees for 1,800 megawatts solar and onshore wind energy products and 30 billion rupees for green hydrogen products, the sources said.

Oil India's operations are mostly in northeast India. It builds green hydrogen and compressed biogas plants through its subsidiary, Numaligarh Refinery Ltd, they said. [Reuters]