Oil India Shares Rise on Reports of Net Zero Carbon Emission Plans
p>Shares of Oil India were trading 2% higher on September 11 after reports that the state-owned fuel producer was planning to invest Rs 16,500 crore to achieve its net zero carbon emission goals by 2040.
The company plans to invest about Rs 9,000 crore for 1,800 megawatts solar and onshore wind energy projects, Rs 3,000 crore for green hydrogen projects, and Rs 1,000 crore on carbon capture, utilization and storage projects.
The investment is part of Oil India’s broader plan to transition to a low-carbon future. The company has already announced its net zero goal, and the proposed investment is a significant step towards achieving that goal.
The other public sector energy companies, including Indian Oil Corporation, Bharat Petroleum, Hindustan Petroleum, Gas Authority of India, and Oil and Natural Gas Corporation, have also announced their net zero goals. Together, these six companies plan to invest Rs 6.38 trillion in low-carbon projects.
The investment in low-carbon projects is a major challenge for the Indian energy sector. However, it is also an opportunity to create new businesses and jobs. The government has set a target of achieving 450 gigawatts of renewable energy capacity by 2030, and the investment by Oil India and other energy companies will help to achieve this target.
The rising share price of Oil India is a positive sign for the company’s future. The investment in low-carbon projects is a long-term commitment, but it is one that is essential for the company to remain competitive in the years to come.
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