Bharat Petroleum Corporation Ltd (BPCL) will set up 1 gigawatt (GW) of renewable energy capacity in Rajasthan as the nation's second-largest state oil refiner pivots its path to achieving a net zero emission target by 2040.
In a statement, BPCL said it has signed a memorandum of understanding (MoU) with the government of Rajasthan for setting up the renewable energy power plant. It, however, neither gave a timeframe nor investment that will be made in the project.
The company has set itself the ambitious goal of 'net zero' in Scope 1&2 emissions by 2040. It plans to expand its renewable portfolio to reach 1 GW of generating capacity by 2025 and 10 GW by 2040.
"The MoU was signed between Bhaskar A Sawant, IAS, Principal Secretary, Department of Energy, Government of Rajasthan and Shelly Abraham, Head Renewable Energy, BPCL," the statement said.