Bharat Petroleum Corporation Ltd. has agreed with the Mumbai Port Authority and Mumbai Port Sustainability Foundation to jointly set up electronic vehicle charging stations at Mumbai Port. The memorandum of understanding marks a key step in promoting green energy adoption for port users and the general public.
The collaboration will focus on promoting green fuel innovations, with the aim of reducing greenhouse gas emissions and supporting India's broader climate change goals, according to a BPCL statement. Additionally, the pact explores the conversion of diesel-powered vessels at the port to alternative, cleaner fuel options, further reducing the port’s carbon footprint and boosting its sustainability initiatives.
The formal signing took place during the launch of the Cruise Bharat Mission, led by Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal, at Mumbai Port earlier this week.
"This MoU is consistent with BPCL's plans towards a sustainable tomorrow alongside our own aspiration to achieve net zero emissions in Scope 1 and Scope 2 by 2040. Enabling sustainable energy solutions like LNG and EV for the maritime sector is part of our endeavour to demonstrate social responsibility and partnering for our sustainable growth with that of the communities we serve," said G Krishna Kumar, chairman and managing director of BPCL.
The agreement also includes provisions for waste management, as BPCL and MPSF will work on systems for source segregation, storage, and handling of recyclable and non-recyclable solid waste at Mumbai Port. This initiative promotes socially responsible practices, ensuring a cleaner and more sustainable operational environment, BPCL said.
"Our partnership with MbPA is a testament to BPCL's strategic vision of advancing the sustainable fuels business. By leveraging LNG and green energy infrastructure, we aim to reshape the future of maritime operations. This collaboration reflects our commitment to driving innovation in fuel solutions that not only reduce carbon emissions but also create long-term value for the environment and the industry," said Rahul Tandon, Business Head (I&C), BPCL.
This collaboration exemplifies the use of innovative technologies and solutions to drive research and development in the energy sector. BPCL's leadership in this space reinforces its role in shaping India's sustainable future, making Mumbai Port a model of environmental responsibility for ports nationwide, the company said.
(With inputs from PTI)
Shares of BPCL closed 5% lower at Rs 349.85 apiece, compared to a 2.12% decline in the benchmark NSE Nifty.
It has risen 104.98% in the last 12 months and 55.26% on a year-to-date basis. The total traded volume so far in the day stood at 20.75 times its 30-day average. The relative strength index was at 63.70.
Sixteen out of the 32 analysts tracking BPCL have a 'buy' rating on the stock, six recommend a 'hold' and 10 suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 3.8%.
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