GlobalData offers a comprehensive analysis of Indian Oil, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Indian Oil’s ESG performance. GlobalData’s company profile on Indian Oil offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Indian Oil, one of India's largest oil companies, aims to achieve net-zero operational emissions by 2046. Indian Oil is taking several steps to reduce its emissions and has already made significant achievements in this regard. In terms of carbon/greenhouse gas emissions, Indian Oil reported a total scope 1 emissions of 20.21 million metric tonnes of CO2 equivalent in the year 2022-23, compared to 20.83 million metric tonnes in the previous year. The company's scope 2 emissions decreased from 0.71 million metric tonnes to 0.63 million metric tonnes in the same period. The observed decrease occurred despite a rise in energy sourced from the grid, and can be attributed to the update in the grid emission factor, which decreased from 0.79 kgCO2e / kWh to 0.71 kgCO2e / kWh. The company's scope 3 was reported 277 million metric tonnes of CO2 equivalent in 2022-23.
To reduce emissions, Indian Oil is pursuing diversification to tap indigenous fossil/non-fossil energy sources. It is also offering low sulfur bunker fuels for marine transport and promoting pipeline transport, which has 75% less emissions compared to rail transport. The company is installing Vapour Recovery Systems at retail outlets and ensuring older fleet tank trucks do not transport fuels. It is also promoting energy efficiency and renewables in its retail network and using digitalization to optimize logistics.
Indian Oil has made investments in renewable energy projects to reduce emissions from power generation. It has implemented energy efficiency projects in refineries and petrochemical plants, resulting in emission reductions. The company has also launched eco-friendly engine oil and a sustainable and green uniform made from recycled PET bottles.
In conclusion, Indian Oil is committed to achieving net-zero operational emissions by 2046 and the company is taking various steps, including diversification, promoting energy efficiency and renewables, and investing in renewable energy projects, to reduce its emissions. It has already made significant achievements in emission reduction and is actively working towards its net-zero targets.