PSUs to join International Solar Alliance

admin September 9, 2020 Daily Current Affairs

Five Public Sector Undertakings (PSUs) under Petroleum and Natural Gas Ministry will be joining International Solar Alliance (ISA)’s Coalition for Sustainable Climate Action (ISA-CSCA) as Corporate Partners and will be contributing to ISA’s Corpus Fund.
Oil and Natural Gas Corporation Limited (ONGC), Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL) and GAIL (India) Limited will be contributing to ISA’s Corpus Fund.
In order to reduce carbon footprint, these companies will be focusing more on green energy investments such as renewables, biofuels and hydrogen going forward.
The government is also actively encouraging industry as well as Oil and Gas companies to become participants in this solar transition.
Oil and gas companies are also making efforts to deploy solar panels across the value chain of their operations, and current installed solar power capacity is 270 Mega Watt.
An additional 60 Mega Watt solar capacity will be added in the coming year.
The government has taken up the mission of solarizing about 50 per cent of fuel stations owned by Public Sector oil companies in the next five years.