India is heavily dependent on imported cruide oil and increasing usage of indigenously made Biofuels will play a big role in helping nation become energy self- sufficient and meet NetZero targets. Ethanol blending in petrol will reach 20% mark by 2025 and we have to now aggressively take up ethanol blending in diesel as it will go a long way in cutting down auto emissions and cutting down country’s forex outgo due to oil imports, Mr Shrikant Vaidya, Chairman, Indian Oil Corporation said here on Friday. “Biofuels facilitate flagship GoI programs i.e. doubling farmer’s income and create jobs in rural areas thus help active inclusive growth. IOCL is committed to green growth and have set up internal target of 2046 for NetZero operations’ Mr Vaidya said.
Mr Vaidya was speaking as the chief guest at function to mark the completion of 15years of Praj Matrix, the state of the art industrial Biotech reseach and development facility of city based Praj Industies Limited.
The company’s chairman Mr Pramod Chaudhari, Managing Director Mr Shishir Joshipura and directors of Praj Industries as well as Mr. Anirban Ghosh and Mr. Mathew Varghese executive directors of of Indian Oil were present on the occasion.
“There is increasing interest from the Airlines for using Sustainable Aviation Fuel as drop-in fuel with conventional jet fuel for decarbonisation of Aviation sector. We are working towards building SAF capacities to meet CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation) guidelines. That will be a huge achiement considering the fragile geo-political situation with rising crude oil prices and OPEC’s oil production policies,” Mr Vaidya said.
Appreciating the advances made by Praj in ethanol technologies Mr Vaidya appealed to the scientists to develop some agent that will make blending of ethanol and diesel possible. He also stressed upon the need to make further progress in developing green hydrogen.
Praj Industries Chairman Dr Pramod Chaudhari noted that the company has always put research and development at the centre of its strategies and has made significant progress in developing bio-energy products.
Investments in the company by the likes of Tata Group, (late) Rakesh Jhunjhunwala and venture capital investor Vinod Khosla have been testimony to the company’s capabilities in research and development enabled growth, Dr Chaudhari said. The company has now embarked upon working on bio materials, specially biodegradable plastics, he added.
Managing Director Mr Shishir Joshipura welcomed the guests. The company’s Chief Technology Officer Pramod Kumbhar proposed the vote of thanks.
