New Delhi: State-owned Oil India Ltd plans to invest Rs 25,000 crore in clean energy projects that will help it achieve a net zero carbon emission goal by 2040, its chairman Ranjit Rath said on Thursday.
OIL’s net zero plan includes a combination of cutting down the flaring of gas and commercialisation of stranded gas as well as setting up renewable electricity generation capacity, building green hydrogen plants and constructing biogas and ethanol plants.
The company plans to lay an 80-kilometer pipeline to bring natural gas from fields in Arunachal Pradesh to Assam to help replace polluting liquid fuels in transport as well as industries, he told a news conference.
It is also looking to convert some of the pipelines originally built to transport crude oil, to help flow gas, he said.
”Our Rs 25,000 crore commitment is for for array of activities including green hydrogen, compressed biogas plants, renewable portfolio. geothermal energy, zero flaring initiative, CCUS projects, and 2G ethanol plants,” he said.
OIL plans to invest about Rs 9,000 crore in setting up 1,800 megawatts of solar and onshore wind energy projects and Rs 3,000 crore in a green hydrogen project. Besides, Rs 1,000 crore would be invested in carbon capture, utilisation and storage (CCUS) projects.
It already has firmed up plans for 640 MW of solar projects in Assam and another 150 MW in Himachal Pradesh, he said
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