Greenhouse gas (GHG) emissions are one of the primary causes of rising global warming, and the oil and gas industry accounts for one-third of global emissions, both directly and indirectly.CO2, methane, and NOx gases make up a large portion of greenhouse gases emitted by burning oil, fossil fuels, and other sources. It has become increasingly vital for major contributing industries to record greenhouse gas emissions throughout operations, as corporate GHG emissions have increased.
Bharat Petroleum Corp Ltd (BPCL) is an integrated oil and gas company. Total GHG emissions reported by the oil & gas company were 6.5 million tonnes CO2 equivalents (MtCO2eq) in 2021. The Company’s sustainability strategy is in line with the Paris Agreement’s goal of limiting the increase in global average temperatures to 1.5 °C by reducing greenhouse gas emissions.
Scope 1,2, and 3 emissions are the three categories of GHG emissions. Scope 1 emissions are direct GHG emissions that occur from sources that are owned or controlled by the company. GHG emissions from the company's purchased or acquired energy, steam, heat, and cooling are included in Scope 2 (Indirect GHG emissions). Scope 3 is the other indirect emissions result of the company’s activities, but they come from sources that the company does not own or control.
Scope 1 emissions form the major portion of BPCL’s total GHG emissions, accounting for around 78% of total GHG emissions in 2021. The company’s Scope 1 emissions have reduced by around 17% to 5 MtCO2eq and Scope 2 emissions have decreased by around 5% to 0.4 MtCO2eq in 2021.
BPCL is expanding its clean energy portfolio to minimize the risk of climate change. The company has made INR11,064 crores ($1.4 billion) capital investment in renewable energy in 2021.
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