Indian refiner Bharat Petroleum Corp plans to allocate $18.16 billion over the course of five years with the intention of expanding its oil business and extending its renewable energy portfolio, in accordance with a 2040 net zero objectives, as articulated by G Krishnakumar, Chairman, BPCL.In India, the world's third largest emitter of greenhouse gases, endeavours by corporations to curtail their emissions involve substantial investments. Simultaneously, these companies are directing their resources towards fossil fuels due to the anticipation of heightened petrochemical and fuel demand driven by India's economic growth.The nation has established the objective of achieving net zero emissions by 2070. Although numerous Western nations have established comparable mid-century goals for attaining net zero emissions, the viability of certain decarbonisation strategies has been imperilled by political pressures.During an annual shareholders meeting, Krishnakumar stated, The company has outlined a planned capex expenditure of roughly Rs 1.5 trillion within the upcoming five years. This strategy will empower BPCL to generate enduring value for our stakeholders, all the while safeguarding our planet for the well-being of future generations.He refrained from specifying the distribution of funds between the core oil business and clean energy initiatives.Krishnakumar did articulate that BPCL intends to invest Rs 1 trillion by 2040 in various projects, encompassing green hydrogen, carbon capture, utilisation, and storage (CCUS), as well as enhancements in energy efficiency for emission reduction.With aspirations of possessing 1 GW of renewable energy capacity by 2025 and an ambitious 10 GW by 2040, the company is committed to growth in the renewable energy sector.Furthermore, an investment of 10 billion rupees has been earmarked for the establishment of 50 MW of captive wind power plants. These installations will cater to the energy needs of BPCL's Mumbai refinery, which has a capacity of 240,000 barrels per day (bpd), as well as the Bina refinery located in central India.Also read: ADB funds Rs 1.2 billion loan for Fourth Partner Energy Kerala power minister adopts alternative smart metre model