Time for Indian Oil to rev up green energy
Indian Oil Corporation
to put proactive policy measures in place to speedily diffuse usage of electric vehicles (EV) nationally.
Indian Oil Corporation India’s biggest oil refiner and marketer, has reportedly projected that domestic demand for petroleum crude would more than double to 500 million tonnes by 2040. India’s dependence on crude oil imports is of course overwhelming and rising, and the way forward is to put proactive policy measures in place to speedily diffuse usage of electric vehicles (EV) nationally.
India’s estimated demand for crude a couple of decades hence would be the equivalent of about 10 million barrels per day (bpd), which is almost twice that for 2017, put at about 4.7 million bpd. Further, global oil demand is expected to increase by 15.8 million bpd between now and 2040.
Note that we are already the third largest importers of crude, and about a quarter of all incremental oil demand worldwide up to 2040 would be from India, which is huge.
Hence the need to policy induce a faster change in the techno-economic paradigm, and quicker switchover to EVs nationwide.
And the way ahead is to opt for solar-powered charging points for EVs. IOC needs to explore setting up solar-powered chargers, particularly at highway oil pumps.
Global oil majors have indeed lined up big plans on the renewable energy front; surely IOC should follow suit.
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