Bharat Petroleum Corporation (BPCL) and Sembcorp Green Hydrogen India have announced a 50:50 joint venture to develop renewable energy and green hydrogen projects in India. The collaboration, which aims to focus on producing and selling renewable energy, green hydrogen, and its derivatives including green ammonia, seeks to drive the decarbonization of hard-to-abate sectors. Combining Sembcorp's expertise in renewables with BPCL's strength in the petroleum sector and infrastructure, the joint venture aspires to deliver innovative, sustainable solutions to support India's ambitious climate goals. The joint venture will explore projects in green ammonia production, bunkering, emissions reduction for port operations, and other emerging green fuel technologies. This partnership is also geared towards aiding India's net-zero emissions target by 2040 in Scope 1 and 2. Sembcorp's pursuit of green hydrogen and ammonia as decarbonization pathways, along with their significant renewable assets in India, positions them well to drive large-scale, low-cost green hydrogen production. G Krishnakumar, Chairman & Managing Director of BPCL, expressed the company's commitment to leveraging combined resources and expertise to develop top-notch renewable energy and green hydrogen solutions. The positive market sentiment towards this collaboration is evident with BPCL shares closing at Rs 285.7 on the BSE, up 4.12% in a day, and the average target price showing a potential upside of 41%. This joint venture signifies a significant step towards sustainable development in the energy sector in India.