Oil India Limited (OIL), India’s oldest oil & gas company and the youngest Maharatna CPSE of the Government of India, announced the commencement of its Environmental, Social, and Governance (ESG) strategy initiatives. The program was held on June 14, 2024, in Noida, in collaboration with a global management consulting firms. These ESG strategy initiatives are a critical part of OIL’s ambitious target to achieve Net Zero emissions by 2040. The initiative encompasses not only emissions reduction but also principles related to a Just Energy Transition, signifying a major advancement in OIL’s commitment to sustainable development.
During the event, Shri Pankaj Kumar Goswami, Director (Operations) at OIL remarked, ‘In response to the country’s ambitious goal of achieving Net Zero emissions by 2070, Oil India Limited has undertaken a transformative journey, deeply rooted in its commitment to sustainability, aims to position OIL as a net-zero emission energy giant by 2040 while achieving a just energy transition.’
The comprehensive ESG strategy initiatives will address various environmental, social, and governance aspects, including emissions reduction, renewable energy initiatives, biodiversity conservation, human rights, employee diversity, and inclusiveness. Through this initiative, OIL aims to set a benchmark in the industry for responsible and forward-thinking energy practices, aligning with national and global sustainability goals and pursuing its ambition to be a leader in the sector.
