IndianOil has adopted plastic neutrality as a contributor to the circular economy
IndianOil, besides being a leading energy and downstream company, also plays a lead role in sustainable development by protecting the environment and preserving ecological balance. The company has demonstrated intent and commitment to sustainable development time and again by continuous investments in green technologies, clean fuels, bio-fuels, renewable energy sources, waste-to-energy initiatives, etc.
As active stakeholders in India’s aspirational journey towards Net Zero by 2070, IndianOil has its eyes set on achieving Net Zero Operational Emissions (Scope I & II) by 2046. IndianOil’s green journey commenced well over a decade before the Net Zero declaration, and the company has been relentlessly working on green energy landscapes to catalyse India’s energy transition. In fact, its sustained efforts have been internationally validated through several recognitions, including Bloomberg NEF’s Energy Transition Score Ranking 202 where IndianOil emerged as the number one Indian energy company steering India’s green transition agenda forward. IndianOil has stamped its presence ahead of other Indian energy majors through a sustained focus on developing transition technologies and substantial green investments, an area where the company ensured the highest investment among all Indian energy companies between 2015 and 2021.
IndianOil is set to invest over Rs 2 lakh crore to achieve the net-zero operational emissions target by 2046. More importantly, the company has a firm and well-crafted blueprint in place that encompasses an extensive gamut of green energy frontiers.
The responsibility to fuel the nation with sustainable, affordable, and accessible energy lies at the heart of ensuring a resilient and equitable future. By prioritizing these principles, IndianOil is committed to securing a reliable energy supply while safeguarding the environment and ensuring energy access for all citizens.
Petrochemical integration is the way forward for the refining sector. So one of IndianOil’s crucial aims is to derive maximum value from the hydrocarbon chain and unlock the enormous potential of petrochemical demand in the country. Currently, India’s per capita petchem consumption is 12 kg, which is far lower than the global per capita consumption of 35 kg. This gap would imply a major business opportunity that is going to expand further as the GDP continues to rise. As a long-term strategy, IndianOil has plans to enhance its petrochemical intensity (PI) to 15% by 2030.
However, the company is focused on striking a balance between petrochemical expansion and it’s green resolve. Plastics are unavoidable in the larger scheme of things, and that ground reality can never be ignored. But IndianOil is making a vital difference by contributing to a circular economy where waste is transformed into resources, reducing the strain on the planet.
IndianOil has adopted plastics neutrality as a contributor to the circular economy, and to pursue this commitment - Cycloplast, a brand of polymer recyclates, has been added to its product bouquet. It is a shining testimonial to how even its petchem forays demonstrate an unwavering green focus. It is made of recycled petchem blended with parts of virgin plastic. Cycloplast is going to be a game-changer and going forward, it will help cut down on the manufacture of solo plastic.
IndianOil is collaborating with recyclers across the country for the procurement of quality-compliant recyclates, to reap the benefits of the initiative, which are multi-fold and will reach all stakeholders. IndianOil, while acting as a pivot of the ecosystem, is going to provide market access for recyclates to plastics processors/brand-owners through market leadership in the polyolefin industry.
The Unbottled campaign is a concept that branched out of the Cycloplast of recycling and repurposing plastics. “Marking a milestone in energy history, we stand together with pride, ready to shape the future with our innovative energy solutions. The Hon'ble Prime Minister’s vision of sustainability has inspired India’s rise as one of the strongest voices on the global energy transition map. It was a red-letter day for Indian Oil when I presented this sustainably made jacket to the Hon’ble Prime Minister during the inauguration of India Energy Week in Bengaluru. Through the Unbottled initiative, Indian Oil will recycle over 100 million PET bottles every year to make uniforms for their on-ground teams and non-combat uniforms for their armed forces. It was an honour for me to present to him a special dress made from recycled bottles and woven with the threads of sustainability. The greatest moment of validation came when the Hon’ble Prime Minister wore the special jacket made from recycled PET bottles at the Parliament. His endorsement has inspired us to expand Unbottled’s green footprint in the coming days”, said Shrikant Madhav Vaidya, Chairman, Indian Oil speaking about Unbottled.
IndianOil has also crafted eco-friendly uniforms with this new dress material made from recycled polymers for over 3 lakh Indian oil fuel station attendants. The conversion of plastic bottles into fabric is a beautiful example of how diligent handling of problems opens doors to new opportunities. “Unbottled- Towards a Greener Tomorrow” underlines India’s immense potential to transform the world’s destiny and the intent of Indian Oil to vitalise the nation’s green journey.
The Nation-First mantra of IndianOil thrust the company ahead to lead corporate India’s green crusade and face the real challenge of balancing its green commitments while energising India’s economic ascent. Indian Oil already has a well-crafted blueprint with a multi-pronged approach to gradually take it towards the coveted net zero destination. But its green intent goes significantly beyond operational priorities, and it is about upholding green consciousness across every aspect of the business.
IndianOil has carved out a position of strength for itself with sustained investment in the core business alongside green endeavours. Indeed, the colour of the future is green, and IndianOil is all set to embrace the immense opportunities that arise out of this transition.