Bharat Petroleum Corporation Limited (BPCL) plans to scale up its renewable energy portfolio to 1 GW by 2025 and to 10 GW by 2040, from less than 50 MW currently.
This is in addition to the company’s target to achieve net-zero emissions by 2040. The company has begun exploring various organic and inorganic opportunities in the renewable energy space. 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, e-mobility and upstream – which will serve as pillars of future growth and create sustainable value for all stakeholders. Meanwhile, the core business of refining and marketing of petroleum products will continue to provide stability and funding bandwidth.