BPCL lines up $18.16 billion for oil, green energy over 5 years

29 Aug 2023 , 10:25 AM

Bharat Petroleum Corp, an Indian refiner, expects to invest $18.16 billion over five years to develop its oil business and extend its renewable energy portfolio as it strives for a net zero goal by 2040, according to Chairman G Krishnakumar.

Companies in India, the world’s third-largest emitter of greenhouse gases, are investing billions of dollars to reduce emissions while also investing in fossil fuels as the country’s economic boom is expected to raise petrochemical and fuel consumption.

The country has set a goal of becoming net zero by 2070. Many Western countries have established a mid-century target of reaching net zero emissions, but political pressure has put some of their decarbonization plans in jeopardy.

He did not mention how much money would go toward the core oil industry vs. clean fuel projects.

Krishnakumar, on the other hand, stated that BPCL will invest one trillion rupees between now and 2040 in initiatives like as green hydrogen, carbon capture, utilization, and storage (CCUS), and boosting energy efficiency to reduce emissions.

Krishnakumar, however, said BPCL would invest 1 trillion rupees between now and 2040 for projects including green hydrogen, carbon capture, utilization, and storage (CCUS), and on improving energy efficiency to cut emissions.

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