ENERGY TRANSITION IN INDIA: A STUDY OF DECARBONIZATION INITIATIVES IN THE OIL AND GAS INDUSTRY
DOI:
https://doi.org/10.55829/mmefwr80Keywords:
Oil and Gas Sector, Decarbonisation, Sustainability, Net-Zero EmissionsAbstract
The oil and gas industry in India, a fundamental component of the country's economy and energy independence, is increasingly compelled to shift towards sustainable practices in alignment with the nation's objective of achieving net-zero emissions by 2070. This study investigates the decarbonization approaches within the sector, concentrating on the obstacles, innovations, and pathways for practical application. It analyzes the sector's contribution to greenhouse gas emissions, classified into Scope 1, 2, and 3 emissions, and emphasizes the crucial involvement of major entities such as ONGC, BPCL, IOCL, and OIL in fostering decarbonization initiatives.
The research assesses the integration of renewable energy sources, particularly solar and wind energy projects, while also examining the advancement of green hydrogen technologies. Initiatives such as IOCL’s ethanol blending and BPCL’s bio-CNG project highlight the significance of bioenergy in mitigating emissions and bolstering energy security. Furthermore, the incorporation of carbon capture, utilization, and storage (CCUS) technologies illustrates efforts to address emissions from challenging sectors. Case studies elucidate innovative methodologies, including ONGC’s offshore wind projects, BPCL’s hydrogen-based refinery modifications, and IOCL’s real-time emissions tracking systems.
Notwithstanding these progressions, the transition is obstructed by substantial capital requirements, technological and infrastructure deficiencies, as well as policy and regulatory challenges. The need to harmonize economic development with ecological objectives remains a critical issue. The results accentuate the necessity for cooperative endeavors, financial innovations, and comprehensive policy frameworks to surmount these challenges. By capitalizing on these strategies, India's oil and gas sector can spearhead the shift towards a low-carbon economy, establishing a global standard for sustainability within developing nations.
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