HPCL's Remarkable Transformation Towards Sustainability and Renewable Energy
Key Ideas
  • HPCL's sustainability journey began in 2020-21 due to poor ESG ratings, leading to a complete reorientation towards becoming an energy company.
  • The company aims for net zero emissions with plans for 16 GW of renewable energy capacity by 2030, focusing on biofuels and green power.
  • HPCL has made significant progress with 76 locations operating on green power and 110 using 100% biodiesel; they aim to reduce dependence on fossil fuels.
  • The company's subsidiary, HPCL Renewable & Green Energy, focuses on renewable power, green fuels, innovative technologies, and market expansion in the green energy sector.
Hindustan Petroleum Corporation Ltd (HPCL) has undergone a remarkable transformation towards sustainability and renewable energy. The company's focus on sustainability was triggered by poor ESG ratings in 2020-21, prompting a shift from being a fuel company to becoming an energy company. HPCL aims to achieve net zero emissions by enhancing biofuel production and establishing 16 GW of renewable energy capacity by 2030. They have already made strides by operating 76 locations on green power and using 100% biodiesel in 110 locations to reduce reliance on fossil fuels. The company's subsidiary, HPCL Renewable & Green Energy, concentrates on renewable power, green fuels, innovative technologies, and market expansion in the green energy sector. HPCL has embraced the GreenCo rating system and is focusing on areas like EV stations, battery swapping, and biofuel production. With 94% of outlets running on solar power, the company has installed EV charging facilities at 2,500 retail outlets. Notably, the Visakhapatnam refinery houses a green hydrogen plant, showcasing HPCL's commitment to sustainability and innovation. HPCL's Executive Director emphasizes the importance of setting the benchmark on sustainability, reflecting the company's ambitious goals. The future looks promising as HPCL continues its journey towards a more sustainable and environmentally friendly operational model.
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