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The Indian Oil Corporation (IOC) chairman announced a Rs 2 lakh crore investment to achieve net-zero operational carbon emissions by 2046.
Key Takeaway
- The objective is consistent with India’s goal of attaining net-zero emissions by 2070.
- To achieve this, the company will use a combination of energy efficiency measures and electrification of processes.
- Currently, IOC’s greenhouse gas (GHG) emissions emanating from the company’s refining operations are 21.5 million tonnes of carbon dioxide equivalent (MMTCO2e) per annum.
India’s net zero pledge
- India is the world’s fourth biggest emitter of carbon dioxide after China, the US and the EU. But it’s vast population means its emissions per capita are much lower than other major world economies.
- India emitted 1.9 tonnes of CO2 per head of population in 2019, compared with 15.5 tonnes for the US and 12.5 tonnes for Russia that year.
- The Prime Minister of India pledged that India has set a net zero target at the Glasgow summit, that is, “net zero” by 2070.
- Net zero, or becoming carbon neutral, means not adding to the number of greenhouse gases in the atmosphere.
- China has announced plans for carbon neutrality by 2060, while the US and EU aim to hit net zero by 2050.
Intended Nationally Determined Contributions (INDCs).
- Countries across the globe adopted an international climate agreement at the U.N. Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP21) in Paris in 2015.
- The countries publicly outlined what post-2020 climate actions they intended to take under the new international agreement, known as their Intended Nationally Determined Contributions (INDCs).
- The INDCs largely determine whether the world achieves the long-term goals of the Paris Agreement:
- To hold the increase in global average temperature to well below 2°C.
- To pursue efforts to limit the increase to 1.5°C
- To achieve net zero emissions in the second half of this century.
INDC of India
- It aims to reduce the emissions intensity of its GDP( Gross Domestic Product) by 33 to 35% by 2030 from the 2005 level.
- Achieve about 40% of electric power installed capacity from non-fossil fuel-based energy resources by 2030.
- Through additional forest and tree cover by 2030, we will create an additional carbon sink of 2.5 to 3 billion tonnes of CO2 equivalent.
Updated INDC of India
- The Union Cabinet recently approved an update to India’s Nationally Determined Contribution (NDC).
- These are called five commitments, or Panchamrit; they are
- Increase the non-fossil energy capacity to 500 GW (gigawatts) by 2030.
- Meet 50% of India’s energy requirements from “renewable energy” by 2030.
- Reduce the projected carbon emissions by one billion tonnes from now until 2030.
- Reduce the carbon intensity of its economy by more than 45%
- Achieve the target of “net zero” by the year 2070
Indian Oil Corporation
- It is an Indian government-owned oil and gas explorer and producer headquartered in New Delhi.
- It is a public sector undertaking whose operations are overseen by the Ministry of Petroleum and Natural Gas.
Pic Courtesy: BBC and WDRfree
Content Source: The Hindu