Cairn Oil & Gas, part of the Vedanta Group, plans to achieve net-zero targets by 2030 through carbon emission reduction, leveraging renewable energy sources, utilising nature-based carbon solutions and other initiatives, said Deputy CEO Steve Moore.
The private oil and gas exploration and production company had earlier pledged to achieve net-zero targets by 2050.
“We have fast-tracked the vision of attaining Net Zero by 2030 through carbon emission reduction, leveraging renewable energy sources, utilising nature-based carbon solutions, and adopting innovations such as waste to energy, carbon capture utilisation and storage (CCUS), enhanced oil recovery, among others,” Moore told Moneycontrol in an email response.
Moore said the company aims to transition towards a more sustainable and environmentally conscious operation through investments in technological innovations.
“Investments would be directed towards a mix of renewable energy projects, technological advancements to reduce emissions, and initiatives focused on carbon capture and storage. Feasibility studies are being conducted in areas such as Waste to Power and projects will be kicked off depending on the results,” he added.
Moore said investments for initiatives related to net zero targets would be covered in its capital expenditure plan without disclosing the figure.
Cairn Oil & Gas plans to source up to 70 MW of renewable energy by 2030, with a renewable power delivery agreement for 25 MW set to commence in financial year 2024-25, said Moore. “Our initiatives have led to a 60% decrease in flare gas volumes over the past four years. We have installed solar rooftops across Rajasthan and Gujarat operational sites. Cairn is already a Net Water Positive company with an NPWI of 1.12. At present, we are recycling more than 96% of produced water through reinjection,” he added.
As India plans to achieve net-zero emissions target by 2070, oil and gas companies in India are pledging to become net-zero way ahead of the government’s target. India’s largest refiner Indian Oil plans to become net-zero by 2046, while ONGC has set a target of 2038 to achieve its goal.
“While we are committed to contributing 50% of the nation's oil and gas production, we are equally proactive in embracing eco-friendly technologies to support India's pursuit of energy aatmanirbharta. Our vision is to safeguard India's energy security in tandem with the energy transition by prioritising sustainable and responsible growth,” said Moore.
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