Press Release

New Delhi : IndianOil organised a conference on “Leveraging Carbon Finance for Affordable Solar Cooking” marking a significant milestone in addressing India’s clean cooking challenges.

The event was conducted in New Delhi through its knowledge partners Finovista and Modern Energy Cooking Services (MECS). Industry experts, Dignitaries of Union and State Governments, Key stakeholder, Policymakers, and Manufacturers participated in the event. Path forward and strategies were deliberated for scaling up the Solar cooking technology developed by IndianOil. Carbon financing and various support schemes by the governments can be leveraged for affordability were also discussed.

Sharing about IndianOil’s Indoor Solar Cooking System, Dr Umish Srivastva, Executive Director (AE & IOTDDC), R&D Centre, IndianOil mentioned that the system is based on clean energy cooking technologies. He further added that this is a revolutionary indoor solar cooking solution that works on both solar and auxiliary energy sources simultaneously, which makes it a reliable cooking solution for India.

Welcoming the participants, Mr Soumitra Chakraborty, Chief General Manager (Marketing Strategies), IndianOil shared that the Surya Nutan was inaugurated by Hon’ble Prime Minister of India at India energy week 2023 held in Bengaluru and expressing his optimism, he said Surya Nutan will reach to 3 crore households in the coming years.

Speaking on the occasion Mr Sanjay Kumar, Climate Parliament said that the Surya Nutan is a unique device having usability all-round the year. This is an Innovative solution, which is adaptable in all conditions. He also suggested to take baby steps to impact the large number of people. He further suggested that mandate should be formulated by governments to increase its penetration.

Mr Abhay Bakre, Director General, Bureau of Energy Efficiency (BEE), mentioned that India is a developing country and could adopt and experiment with the technologies. Indoor Solar Cooking System is the first step towards huge transition one could expect. He mentioned that policies should be framed aligning user-centric approach targeting grassroot level. He added that leveraging carbon finance for new technology is not new to India as it has already been done in case of LED, Solar panels and EVs.

The event fostered an atmosphere of collaboration, learning, and cross-sectoral exchange of ideas. It addressed the urgent need to make clean cooking solutions accessible and affordable for a larger population, in alignment with India’s commitment to sustainable energy practices. The discussions revolved around innovative strategies that not only promote affordable clean cooking solutions but also contribute to environmental sustainability, health benefits, and social progress besides leveraging carbon finance.

The workshop was organised with the support of MECS and Finovista, and its success was a testament to the collective commitment of stakeholders from various sectors to drive positive change in India’s energy landscape. IndianOil with its innovative Indoor Solar Cooking System, continues to lead the way in transforming the clean cooking sector and contributing to a greener and healthier future.

The conference brought Innovator, Manufacturer, Governments, Experts, Policymakers, and stakeholders together and provided them a platform for insightful discussions, knowledge sharing, and the formulation of actionable strategies.

About Indian Oil Corporation Ltd:

IndianOil is a diversified, integrated energy major with a presence in almost all the streams of oil, gas, petrochemicals, and alternative energy sources. With Revenue from Operations of ₹9,34,953 crores for fiscal 2022-23, IndianOil is one the largest and most trusted corporates in the country, touching the lives of over a billion Indians. With 31,000 workforce, extensive refining, distribution, marketing infrastructure, and advanced R&D facilities, IndianOil has provided energy access to millions of people across the length and breadth of the country through its ever-expanding network of customer touchpoints, currently numbering over 58,000. The Corporation is known for its commitment to innovation and sustainable energy solutions. The Indoor Solar Cooking System, developed by IOCL, is a pioneering initiative aimed at revolutionizing cooking practices and promoting environmental sustainability.

About Finovista:

Finovista which is a Program Management Agency located in New Delhi, India has been the In-country Partner for Modern Energy Cooking Services (MECS),UK since 2019. It has considerable expertise in a range of Capacity Building Programs, including Innovation Challenge, Entrepreneurship Development Program, Investor Pitching & Connect, and Training. As a sector-agnostic consulting firm, it has focussed on a variety of fields, such as Clean Cooking, Energy, Environment, Low Carbon Growth Technology, Clean Energy, Green Finance, Result-Based Finance, Carbon Finance, and Social Enterprise Development.