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 Net Zero 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 and gas companies, has committed to achieving net-zero operations by 2046. The company aims to achieve this goal by developing the full potential of its internal and external stakeholders, led by its people-centric organisational culture that inspires employees, strengthens community partnerships and delivers value to customers. The company’s latest filings mentioned the keywords 'Emission/Emissions' and 'Net Zero' most number of times.
In FY 2021-22, the company's scope 1 and scope 2 emissions were 21.54 MMTCO2e, while its scope 3 emissions were 258 MMTCO2e. Indian Oil has taken several steps to reduce its emissions, including investing in cleaner fuels such as renewable sources of energy, biofuel, hydrogen-based fuels, and electric mobility. The company has also invested in renewable energy, with its current renewable energy capacity standing close to 240 MW comprising of solar and wind power. Additionally, Indian Oil is focusing on expanding the share of clean fuels in its product mix, reducing value chain emissions, strengthening environmental stewardship, and accelerating innovation and human resource development.
Indian Oil is aware of the emerging regulations related to climate change and anticipates that the oil and gas sector, renewable energy, low carbon solutions, and GHG emissions will be subject to regulatory changes, which could lead to increased compliance and operational liabilities. Indian Oil is proactively assessing emerging trends, policy environment, and participating in relevant forums to mitigate the risks associated with climate change.
In conclusion, Indian Oil's decarbonization journey is marked by a significant increase in investments in low-carbon solutions. The company is also focusing on creating shared value for all stakeholders, including strengthening foundations, pursuing net-zero, demonstrating environmental stewardship, and creating shared value for all. Indian Oil's commitment to achieving net-zero operations by 2046 is a significant step towards a sustainable future.