Indian Oil to spend INR 10 billion on green aviation fuel plant?

New Delhi: India's flagship national oil company, Indian Oil Corporation Ltd (IOCL) is planning to set up a green aviation fuel plant in India to meet the surging demand for eco-friendly aviation fuel. According to a recent report by Bloomberg it is mentioned that the company is going to build this plant on Rs 1000 crore ($122 million).

The move is part of the company's efforts to reduce its carbon footprint and promote sustainable development.

IOCL intends to set up the plant in either Panipat or Mathura because the Panipat Refinery of IndianOil is the first Refinery to switch over from BS-II/BS-III fuels to more Eco-Friendly BS III / IV fuels.

The demand for green jet fuel is on the rise globally, driven by the aviation industry's commitment to reducing its carbon footprint. The International Air Transport Association (IATA) has set a target of reducing carbon emissions by 50% by 2050, compared to 2005 levels.

Currently, only a few airlines are using bio-jet fuel, but the market is expected to grow rapidly in the coming years. IOCL's move to set up a green jet fuel plant is a step in the right direction, as it will not only help meet the growing demand for eco-friendly aviation fuel but also contribute to India's efforts to reduce its carbon footprint.

In addition to the green jet fuel plant, IOCL also plans to set up a compressed biogas (CBG) plant in Uttar Pradesh to promote the use of clean energy in the transport sector. The company aims to produce 15 million tonnes of CBG per year by 2023.

IOCL's efforts to promote sustainable development and reduce carbon emissions are commendable and set an example for other companies to follow. The move towards green aviation fuel and clean energy will not only benefit the environment but also help create a cleaner and healthier future for generations to come.