Indian refiner Bharat Petroleum Corp on Tuesday signed a joint venture agreement with Singapore's Temasek-backed Sembcorp to develop green hydrogen and renewable energy projects across India.
The joint venture will also consider projects in green ammonia production and bunkering, emissions reduction for port operations as well as other green fuel technologies, the companies said.
Why it's important
The deal comes at a time when India is looking to reduce its reliance on fossil fuels and boost investments in renewable energy to meet its target of having at least 500 gigawatts (GW) capacity of clean energy by 2030.
Context
State-run oil refiners such as BPCL are increasingly forging partnerships to pivot from fossil fuels toward greener alternatives.
Sembcorp earlier this year signed a deal with the eastern Indian state of Odisha to develop a green hydrogen plant and industrial park.
By the numbers
India is aiming to produce 5 million tonnes of green hydrogen per annum by 2030, a process that will require 125 GW of renewable energy.
The country is targeting at least 500 GW of non-fossil power capacity by 2030, up from the current 165 GW.
Sembcorp India Energy, the Indian arm of Sembcorp, operates a wind and solar portfolio of around 5.8 GW across the country.
