BPCL to Build India’s Largest Green Hydrogen Unit; Among Top Gainers Today

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BPCL to Build India’s Largest Green Hydrogen Unit; Among Top Gainers Today
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The government-owned oil and gas corporation, Bharat Petroleum (NS: BPCL ) Corporation Limited (BPCL) has announced building the largest green hydrogen plant in India, and plans to float a tender for a 20 MW electrolyser at its refinery in Bina, Madhya Pradesh soon.

The development comes on the back of BPCL achieving its target of attaining net-zero emissions by 2040. The corporation is working on the details and expects to start establishing its net-zero roadmap by March 2022.

BPCL’s shares have risen 1.45% in today’s session to close at Rs 403.35 apiece, listing among the top gainers on Wednesday.

Concerns regarding climate change have pushed major giants to set respective targets for net-zero greenhouse gas emissions globally. While BPCL has set to achieve its target by 2040, oil majors like BP (LON: BP ) and Shell (LON: RDSa ) have set until 2050, and Reliance Industries (NS: RELI ) by 2035.

Due to space constraints, BPCL will set up the 20 MW electrolyser at its refinery in Bina, to produce green hydrogen. It will be the country’s largest green hydrogen production unit.

The oil major currently uses 650 MW of energy which is expected to rise to 1,000 MW by 2027, after factoring in green hydrogen obligation, states an ET report.

The corporation also aims to tap into the country’s growing EV space and has plans of setting up a total of 7,000 charging stations over the next few years.



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