Energy major Bharat Petroleum Corporation Limited (BPCL) is planning to invest Rs 25,000 crore to develop its renewable energy portfolio and work towards its net-zero carbon emission goals. Bharat Petroleum Corporation Ltd (BPCL) is going to set aside Rs 25,000 crore for building a strong renewable energy portfolio by the end of 2040. It is also uniting a team for pushing diversification. This is a step for achieving the company’s goal to be net-zero on emissions this year.
While the company is being privatised BPCL is aiming towards building 10 GW of renewable energy capacity using organic and inorganic routes, by the end of 2040. Its current capacity is 45 MW. Major oil companies including BPCL have to invest huge amounts of money for reducing the impact of climate change by introducing clean energy projects as a commitment to cutting emissions. The alignment of portfolios towards net zero emissions has helped the transition to gather pace. BPCL has made a commitment towards offsetting emissions from crude oil refining operations as well as the energy used by the end of 2040. Garg’s immediate step will be making a portfolio of one gigawatt worth Rs 5,000 crore, that will be primarily driven by solar power by the end of 2025. In the financial year 2022-23, BPCL is planning to make an investment of Rs 2,000 crore and close a few acquisition deals. BPCL is making investments in clean fuel, green refineries, efficiency improvement, and carbon footprint reduction. Image Source
