OIL & GAS

Oil and gas companies setting up net-zero targets

State-run oil and gas firms Indian Oil, HPCL, GAIL and BPCL are preparing roadmaps for net-zero emissions as they aim to shore up the nation’s commitment to deal with the climate challenge.

The oil ministry has been proactive in pushing these firms into drawing up plans for increased induction of renewable energy and green hydrogen to offset emissions from operations, as well as to get them ready for an energy transition that could eat into traditional fuel sales business.

Net-zero for a company means achieving a balance between the quantum of greenhouse gases it places into the atmosphere and the amount it takes out. Indian oil companies are aiming to achieve net-zero for emissions released from their operations and not from their suppliers or customers.

BPCL is aiming to achieve net-zero emissions by 2040, while Indian Oil has said it will announce its target soon. HPCL and GAIL are working out details and a feasible target.

Source
ET News
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