State-run Bharat Petroleum Corp. Ltd. said on Tuesday it has entered into a joint venture agreement with Sembcorp Green Hydrogen India Pvt. Ltd., a unit of Singapore-based Sembcorp Industries, to develop renewable energy and green hydrogen projects across the country.
The strategic partnership aims to accelerate India’s energy transition by pursuing opportunities in green hydrogen, green ammonia production and bunkering, port decarbonization, and other emerging low-carbon technologies, the companies said in a joint statement.
BPCL, a Fortune Global 500 company, said the venture aligns with its broader sustainability targets, including a net-zero goal for Scope 1 and 2 emissions by 2040.
Scope 1 emissions are direct emissions from sources owned or controlled by an organization, such as fuel combustion in vehicles, boilers, furnaces or other equipment.
In contrast, Scope 2 is indirect releases, such as electricity, steam, heating or cooling purchased from external providers.
“BPCL’s collaboration with Sembcorp marks a significant milestone in our journey towards a sustainable tomorrow,” said G Krishnakumar, chairman and managing director at BPCL. “We are committed to building a robust renewable energy portfolio, with a target of 10 GW, to meet the energy needs of tomorrow.”
Sembcorp, which owns 6 gigawatts of renewable assets in India, said it is well-positioned to support the country’s decarbonization goals. The company views green hydrogen and ammonia as key levers for enabling the transition to a low-carbon economy.
“With Sembcorp’s renewables expertise and BPCL’s strength in the petroleum sector, we look forward to identifying opportunities to help decarbonize hard-to-abate sectors,” said Vipul Tuli, CEO of hydrogen business, Sembcorp.
India has set a target to produce 5 million tonnes of green hydrogen annually by 2030 and is encouraging public-private partnerships to scale up its clean energy capacity.
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