In a move to support India’s target to achieve net zero emissions by 2070, Indian Oil Corporation (IOC) and two other public sector oil firms will install 22,000 Electric Vehicle (EV) charging stations over the next three to five years.
The country is targeting to expand its low-carbon capacity to 500 gigawatts (GW) by 2030 and meet 50% of its total energy requirements by 2030.
It will be looking to cut the carbon intensity of its economy by 45%, and reduce the carbon emissions by 1 billion tonne by 2030.
The country’s largest state-controlled refiner by capacity, IOC will set up EV charging facilities at 10,000 fuel outlets in the coming three years. Bharat Petroleum Corporation Ltd (BPCL) has plans to set up 7,000 stations in the next five years, while Hindustan Petroleum Corporation Ltd is planning to set up 5,000 stations.
By next year, IOC is planning to install 2,000 charging stations, with BPCL and HPCL targeting 1,000 each in the same period, said Oil Minister Hardeep Singh Puri.
IOC is planning to set up 50 KW EV charging stations at every 25-km and 100 KW heavy duty chargers at every 100 km to weave a network that will provide customers easier access for charging their electric vehicles. It will also be setting up charging stations at existing and new petrol pumps across the country.
BPCL in a statement said that building a robust electric vehicle infrastructure will give the company a new business opportunity as well as a hedge against the risk of displacement of auto fuels.
Last month, Reliance Industries launched its first mobility retail outlet in Maharashtra along with the UK based BP in a joint venture. It will be offering EV charging and battery swapping.
It also finalised an agreement with all-electric ride-hailing service BluSmart to set up EV charging infrastructure in India.
(Follow Money9 for latest Personal finance stories and Market Updates)
One of the trends that got accentuated during the pandemic was stays at small properties of five to 10 rooms in picturesque locations
In India, the segment of ETFs is slowly taking off and several mutual fund houses are offering ETFs to investors.
The NIP will help augment India’s productive capacity, contribute to our overall growth and bring down the logistics costs, improving competitiveness
Diversification is key and should be followed for stable and steady returns in the long run.