Bharat Petroleum targets net zero, 10 GW of renewable energy by 2040

Bharat Petroleum Corporation Ltd, India’s second-largest oil refining and fuel retailing firm, plans to scale up its renewable energy portfolio to 10 GW by 2040 – the year it is targeting net-zero carbon emission, chairman Arun Kumar Singh said on Monday.

Addressing the company’s annual shareholders’ meeting, he said BPCL is diversifying and expanding into adjacent and alternate businesses, which will not only provide additional revenue streams but also offer a hedge against any decline in the oil and gas business.

“The company has identified six strategic areas – petrochemicals, gas, renewables, new businesses, that is, consumer retailing, e-mobility and upstream – which will serve as pillars of future growth and create sustainable value for all stakeholders,