IOC plans to set up green hydrogen plants: Indian Oil Corporation (IOC), India’s top oil firm is planning to set up green hydrogen plants at all its refineries as it pivots a Rs 2-lakh crore green transition plan to achieve net-zero emissions. The company plans to achieve the target by year 2046-47. It is also planning to set up a 7,000 tonnes p.a. green hydrogen-producing facility. IOC is restructuring its business with a greater emphasis on petrochemicals to hedge volatility in the fuel business.
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The company is planning to replace liquid fuels in refineries with natural gas, as well as to replace grey hydrogen (made from fossil fuel) with green hydrogen produced from renewable energy. Around 96% of current emissions are caused by operations-related processes such as direct fuel burning for heating, steam generation, power generation, and cooling. These are the emissions that fall within Scope-1. The remaining 4% comes from using the grid to obtain electricity, which results in Scope-2 emissions. Indian Oil Corporation wants to install electric vehicle charging stations at 10,000 gas stations during the next two years, increasing the capacity of renewable energy from 256 MW to 12 gigawatts.
