Bharat Petroleum Corporation Limited has brought out its Business Responsibility and Sustainability Report for the financial year 2023-24. It showcases the giant steps taken by the company towards environmental sustainability, corporate responsibility, and ethical governance. As one of India’s largest oil and gas companies, BPCL is taking giant leaps in reducing carbon emissions, promoting renewable energy, and adopting global practices concerning sustainability. The current article covers new initiatives by BPCL to meet the sustainability goals related to reducing carbon emissions, increasing the share of renewable energy, water conservation, and production of biofuels.
BPCL has further reiterated its concern for the environment through its aspiration to achieve Scope 1 and Scope 2 Net Zero by 2040. The company has already done enough to lower its GHG emissions. It has been able to reduce 8.64 million metric tons of CO2 equivalent GHG emissions in the financial year 2023-24. This has been achieved through a host of initiatives that involve augmenting renewable energy capacity, increasing the use of biofuels, and implementing other energy conservation measures.
One such important area in which BPCL has significant investments is renewable energy. It increased its renewable energy capacity from 62.3 MW to 94.89 MW in the past year. The expansion also includes some key solar projects, including an 18-megawatt peak solar plant at Bina Refinery and a 4.6 MWp floating solar plant at Kochi Refinery. BPCL is on the verge of commissioning another 8.4 MWp solar project. Apart from this, the company is building a capacity for generating wind energy, with two projects coming up in the states of Madhya Pradesh and Maharashtra. These are 50 MW wind projects. This move is in line with BPCL’s broader strategy aimed at reducing its dependence on conventional sources and shifting to more sustainable energy sources.
The other critical initiative targeted by BPCL relates to water conservation. Realizing water is an important resource for its processes, BPCL has substantially increased its capacity for rainwater harvesting. The total catchment area for RWH expanded from 11.95 lakh sqm to 13.49 lakh sqm, thereby effecting savings of 640 TKL of water during FY 2023-24. BPCL is also implementing recommendations from a detailed RWH study at its Mumbai refinery to further reduce its dependence on municipal water supplies and enhance freshwater collection.
Apart from renewable energy and water conservation, BPCL has also made significant headway in the production and use of biofuels. The ethanol blending with Motor Spirit touched the rate of 11.7 percent, whereby BPCL blended 166.42 crore liters of ethanol. It also blended 9.45 crore liters of biodiesel with HSD during the year for a blending percentage of 0.36 percent. These initiatives in biofuels are in furtherance of the company’s objectives for increasing the use of sustainable energy sources and reducing carbon emissions. Besides, BPCL is also setting up bio-ethanol refineries, including 1G and 2G bio-ethanol refineries, each of 100 KL/day capacity in Odisha. These are likely to be commissioned by March 2025 and can substantially contribute to fulfilling the biofuel production targets set out for BPCL.
Another important initiative is the investment in green hydrogen production. BPCL has set a target for producing green hydrogen, which is seen as one of the critical constituents of the future energy mix. The company is coming up with a pilot plant in Kochi for the production of green hydrogen through indigenous technology and will scale it up to meet the requirements of its refineries. The move in this regard shall be in tune with its broader goals of reducing carbon footprint and transitioning to cleaner sources of energy for BPCL.
The efforts taken by the company in so far as augmenting its energy-efficient infrastructure are laudable. BPCL installed 2,443 electric vehicle charging stations across the country during the financial year 2023-24, spanning over 35,000 kilometers of highway corridors. This expansion comes as a part of the BPCL initiative to support the growing adoption of electric vehicles in India and reduce Scope 3 emissions—indirect emissions happening in a company’s value chain.
Apart from the sustainability initiatives, BPCL has been very proactive on the environmental front. It planted more than 1.6 lakh trees this financial year, thereby improving green cover and biodiversity. The company has also increased its focus on effective waste management, with its refineries and marketing locations getting certified for ‘Zero Waste to Landfill’. Besides, BPCL has enhanced the capacity of EEL from 63.52 MW to 71.05 MW, with a goal set for the attainment of 100% energy-efficient lighting at all its locations by 2025.
The concern for the sustainability of BPCL extends beyond operations to its contribution to society at large. It has been prompt in its CSR initiative, aligning its projects with business goals to help (positively affect) communities. For BPCL, inclusive development and community engagement are core concerns in its strategy of sustainability, which involves sharing the benefits coming out of its operations with the larger section of society.
Conclusion
The latest Business Responsibility and Sustainability Report by Bharat Petroleum Corporation Limited is a testimony to its commitment to achieving its set targets on sustainability. From renewable energy and water conservation to biofuels and green hydrogen, BPCL has massive contributions to the minimization of its ecological footprint and sustainable growth. The efforts that the company is making are on par with global and national sustainability targets. More importantly, the initiatives underline BPCL’s commitment to balancing its business objectives with its responsibility toward the environment and society. In carrying out these initiatives relentlessly, it sets a strong example to others in the energy business on integrating concerns of sustainability into core business strategies.
Source: BRSR
Credit: Bharat Petroleum Corporation Limited