Greenhouse gas (GHG) emissions are one of the primary causes of rising global warming, and the oil and gas industry accounts for one-third of global emissions, both directly and indirectly. A substantial amount of greenhouse gases emitted by burning oil, fossil fuels, and other sources include CO2, methane, and NOx. As corporate GHG emissions have increased, it has become increasingly important for key contributing industries to track greenhouse gas emissions throughout their operations.
Indian Oil Corp Ltd (IOCL) is an integrated oil and gas company. The company conducts exploration and production of oil and natural gas, refining crude oil, pipeline transportation, and marketing of natural gas and petroleum products. Total GHG emissions reported by the oil & gas company were around 290 million tonnes CO2 equivalents (MtCO2eq) in the financial year (FY) ending 2021, which was reduced by 10% from FY 2020. The oil and gas company is working towards reducing its emissions to reduce the environmental impact of its operations in alignment with the sustainable development goals (SDGs).
Scope 1,2, and 3 emissions are the three categories of GHG emissions. Direct GHG emissions from sources owned or controlled by the corporation are referred to as Scope 1 emissions. GHG emissions from the company's purchased or acquired energy, steam, heat, and cooling are included in Scope 2 (Indirect GHG emissions). Scope 3 refers to the company's other indirect emissions, which arise from sources that the company does not own or control.
Scope 3 emissions form the major portion of IOCL’s total GHG emissions, accounting for around 266.6 MtCO2eq (92%) of total GHG emissions in FY 2021. The company’s Scope 1 emissions have increased by around 7% to 22.3 MtCO2eq and Scope 2 emissions have increased by around 19% to 0.8 MtCO2eq in FY 2021.
In FY 2021, IOCL has invested around INR344.36 crore ($44 million) in developing alternative energy sources such as solar and wind. The company has installed a renewable energy generation capacity of 233 MW in FY 2021.
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