HPCL bets big on renewables and biofuels to meet 2040 net-zero target

Hindustan Petroleum Corporation Ltd is trying to make a change. They want Hindustan Petroleum Corporation Ltd to have no effect on the environment by 2040. So they are spending money on things like renewables and biofuels.

Hindustan Petroleum Corporation Ltd is also looking at hydrogen and other related technologies. The company has a plan to make a lot of biofuel. They want to make about 12 thousand tons in the next few years and then a lot more, about 300 thousand metric tons, by 2027-2028.

Hindustan Petroleum Corporation Ltd is going to spend a lot of money on this. They are talking about spending tens of thousands of crores, on energy transition measures. HPCL is doing a things to make this happen. They are looking at fuel substitution with things like biofuels, renewable diesel and compressed biogas. HPCL is also using renewables to power their assets and make the grids greener.

HPCL is using hydrogen for the processes they have at their refineries.

HPCL is trying to be more energy efficient and use refining technology that produces carbon.

HPCL is also looking into things, like CCUS and nature-based solutions. HPCL is really focusing on fuel substitution and other methods to achieve their goals. These moves are going to be tough for HPCL. They have to deal with getting the materials, which is a big problem. The cost of hydrogen is also very high.

They have to figure out how to use energy without it being interrupted.

They need help from the government to make this work.

Hpcl can also use these moves to get ahead in the market for lower-carbon fuels.

This will help HPCL keep its assets valuable as people start using oil.

The demand, for oil is going down slowly so HPCL needs to be ready.

HPCL has to make the most of these opportunities to stay in the game.

1. What Hindustan Petroleum Corporation Limited has announced in terms of commitments and targets that Hindustan Petroleum Corporation Limited is going to achieve I want to know about the specific things that Hindustan Petroleum Corporation Limited has announced.

Three points are foundational to HPCL’s strategy:

The company has a zero target for certain emissions, which is called Scope 1 and Scope 2 that it wants to achieve by the year 2040. HPCLs investor materials and sustainability filings clearly state that the zero target is for the emissions that the company makes directly which is Scope 1 and the energy it buys which is Scope 2 and it wants to do this by 2040. The company has a team called the Energy Transition Cell that will make sure this plan actually happens. The zero target is very important, for the company and it is working hard to make sure it reaches this goal of net-zero emissions by 2040.

We are going to see an increase in biofuels and renewables very soon.

The news and information from HPCL show that they are quickly expanding their biofuel capacity.

It will go from around 12.06 TMT in 2024-25 to 300 TMT by 2027-28.

They are also spending money on green projects, like renewables and biofuels and gas projects and electric vehicles and other alternative fuels.

The biofuels and renewables are getting a lot of attention and investment now.

The company HPCL is making an investment in the future. They have a plan to spend a lot of money over years to become net-zero. HPCLs own investor presentation and sustainability report talk about this investment. For example they mention spending around ₹60,000 crore to achieve their zero goal. The plan is to use things, like renewables, green hydrogen, energy efficiency, CCUS and fuel substitution to make this happen. HPCLs net-zero roadmap is important. They are taking big steps to get there.

These are promises that the whole company is making, not just something we say to the press. They are changing the way Hindustan Petroleum Corporation Limited or HPCL for short spends its money on refining and marketing. HPCL is doing things now.

2. Why Hindustan Petroleum Corporation Limited is changing direction: the reason behind this move, by Hindustan Petroleum Corporation Limited. Hindustan Petroleum Corporation Limited is doing this for some important reasons that make sense for Hindustan Petroleum Corporation Limited.

There are reasons why a company like HPCL that works with oil would want to invest a lot in renewables and biofuels. HPCL is an oil company. So it makes sense that HPCL would make an investment in renewables and biofuels. The reasons, for this are all connected. HPCL wants to be a part of renewables and biofuels because it is an oil company.

We need to think about protecting the things that will be around, for a time like big machines and buildings. India is going to make space to refine oil. But people are starting to want kinds of fuel so we need to change what we make. If we make fuels that’re better for the environment we can keep making money and stay relevant. This is important because India is still planning to refine a lot of oil. People are trying to use less oil and make less pollution, which could cause problems.

There is a lot of pressure on companies to be responsible. Governments and big companies that buy things are telling others to reduce emissions and use low-carbon fuel. HPCL wants to meet some goals. They want to have zero emissions, from their own operations and the energy they use by 2040. This is what investors and the government expect from HPCL. HPCL is trying to meet these expectations by doing this.

There is a chance for companies to make money in the transport and industrial fuels market. More people are using diesel, biodiesel, compressed biogas and sustainable aviation fuel so companies can make more money from these fuels. Big companies that deliver products and online shopping firms want to reduce the things they do to the environment when they transport things. HPCL is working with companies and is in a good position in the market so they can get a lot of that business from transport and industrial fuels and, from companies that want to reduce their environmental impact from transport and industrial fuels.

Energy security and diversification. Building domestic biofuel and renewable capacity reduces import dependency for certain fuel types and supports national energy goals.

3. The main things that Hindustan Petroleum Corporation Limited is using. Why each of these things is important, for Hindustan Petroleum Corporation Limited.

HPCL has a plan that includes an important things they call “critical levers”. I will go through each of these levers what HPCL is doing about them and the real problems and good things that can come from them.

A. Biofuels and fuel substitution

What Hindustan Petroleum Corporation Limited is doing: They are quickly increasing the amount of biofuel they can process. They want to be able to handle around three hundred thousand tons by the year 2027 to 2028. This is a jump, from the twelve thousand metric tons they can handle now. Hindustan Petroleum Corporation Limited is also working with companies that use a lot of fuel to get them to use more renewable diesel, biodiesel and compressed biogas. The news is talking about this as a way for Hindustan Petroleum Corporation Limited to reduce carbon emissions in the near future.

The thing is, biofuels are really important because they can replace the fuels we get from fossils. We can use biofuels in the way we use fossil fuels to power our cars and trucks. This is especially true for vehicles like trucks and buses that run on diesel. We do not have to make a lot of changes to how we get these fuels to people. Because of this biofuels can help reduce the things we put into the air and we can start doing this soon. Biofuels are an option, for reducing emissions from vehicles and that is why biofuels matter.

Challenges:

We need to make sure we have a supply of feedstock to make hundreds of kilotonnes. This feedstock comes from things like waste oils, plants that are not used for food and leftover farm materials. We have to be careful that using these things does not cause problems else like taking away land that could be used for other things. We also have to make sure that using feedstock is good for the environment and helps reduce the things we put into the air. Feedstock is very important. We have to use it in a way that is good, for the earth.

The cost of fuels is really high compared to fossil diesel right now. Renewable fuels are more expensive. This is a problem. For renewable fuels to be competitive in the term we need some help. We need policies that support fuels. We also need carbon pricing and rules that say how much renewable fuel must be mixed with fuels. If the cost of making fuels goes down that would be great too. The cost of the materials used to make fuels is a big part of the problem. If these costs go down renewable fuels will be more competitive. Renewable fuels need these things to happen to be competitive, with diesel.

When we talk about supply chain logistics we have to think about a lot of things. We need to do things like processing and storage. We also need to blend types of fuel and adapt our terminals. This is because we have to deal with different types of fuel. We have to manage all these fuel grades. Supply chain logistics is really, about managing all these things so that we can get the fuel from one place to another.

Opportunities for HPCL are really good because it already has a depot and a marketing network in place. This gives HPCL an advantage when it comes to getting its products to people. Also if HPCL partners with companies that have a lot of vehicles like logistics companies that can help make sure there is a steady demand for its products. HPCLs existing network is a and these partnerships with large fleet operators, such, as logistics companies can really help HPCL.

B. Renewable electricity and greening operations

What HPCL is doing is really interesting. They are buying electricity for the HPCL refineries and the HPCL offices and the HPCL retail operations. They are using energy on site and on the rooftops. The HPCL company is also making term agreements to buy renewable energy. They are spending a lot of money on renewables. This is a part of the HPCL energy transition plan. The HPCL sustainability reports say that renewables and making the grid greener are very important, for the HPCL company.

This is important because Scope 2 emissions, which is the electricity that refineries buy make up a part of the emissions from running a refinery. If refineries start using energy instead it can really quickly lower the bad impact that refineries have on the environment.

Challenges: Grid integration, intermittency, and the need for storage or backup generation for critical refinery operations. Procuring firm renewable energy at scale requires long-term contracts and possibly co-investment.

Here are some opportunities:

Rooftop solar and onsite solar can be set up fast.

Corporate power purchase agreement markets are getting better.

This means companies can get power that is affordable and costs the same, as other kinds of power.

Rooftop solar and onsite solar are options because they can be put up quickly.

C. Green hydrogen

HPCL is doing a things. They are making plans for hydrogen projects. These projects are mentioned in the information they give to investors and, in announcements they made before. The goal of these hydrogen projects is to replace the grey hydrogen that HPCL is using now. They use hydrogen to remove bad things from the oil at their refinery. This process is called hydrotreating and desulphurisation. HPCL gets hydrogen from steam methane reformation. They want to use hydrogen instead of grey hydrogen for these processes. HPCL wants to use hydrogen to make their refinery cleaner.

This is important because the hydrogen that is used to refine things is a part of the emissions problem. The hydrogen that is made from energy, like solar or wind power by using electricity to split water into hydrogen can really help reduce these emissions. Green hydrogen, which is what we call this type of hydrogen is a cleaner way to do things. Hydrogen, green hydrogen is going to be a key part of reducing emissions from refining.

Challenges with hydrogen are the cost and the scale. The thing is green hydrogen is a lot more expensive than hydrogen. This will stay the same unless the cost of electrolysers goes down and we have a lot of cheap and abundant renewable energy. Green hydrogen also needs a lot of water. We need to be able to make electrolysers on a big scale. We have to build infrastructure to handle hydrogen at big refineries or find a way to use what we already have.

To make big green hydrogen projects work we usually need help from the government or some kind of incentive like subsidies or carbon credits. Green hydrogen projects are just not affordable, on their own that is why we need these kinds of supports to make hydrogen a reality.

Opportunities: Early mover advantage; potential to supply green hydrogen to industrial clusters; coupling with CCUS and hydrogen hubs.

D. Energy efficiency and newer refining processes

What HPCL is doing: HPCL is trying to make their refining operations energy efficient. They are looking at technologies that can help them recover energy and reduce emissions. HPCL wants to make their process better so they can release emissions into the air. This is all part of HPCLs plan to reduce the impact they have, on the environment.

Why it matters: The thing about efficiency improvements is that they are usually the way to reduce emissions when we are making something and they can also help us save money that we can use to pay for other things that will help us transition, to a better way of doing things. Efficiency improvements are really important because they can make a difference. We can use the money we save from efficiency improvements to invest in transition investments. Efficiency improvements are a way to start making changes because they do not cost a lot of money.

Challenges and opportunities: We all know that a lot of things can be done to make a refinery work better and these things are pretty standard. The problem is that when you have a big refinery you have to do these things in stages and plan very carefully when to spend money and when to shut down parts of the refinery. This is because you cannot just do everything at once you have to think about the cost and the time it will take to do each thing and you have to make a plan for when to do them so that the refinery is not shut down for long. Refinery complexes, like these are very big. Need refinery planning to be done carefully.

E. Carbon Capture, Utilisation & Storage (CCUS) and offsets

What HPCL is doing: HPCL has something called CCUS, in their sustainability materials. This CCUS is one of the things that HPCL is looking at to help with their sustainability. The company HPCL is also looking into ways to use CCUS for companies that release a lot of things into the air, which are called industrial emitters. HPCL wants to see how CCUS can help these emitters.

This is important because Carbon Capture Utilization and Storage or CCUS for short can get rid of the stuff that we release into the air when we do things that are hard to change. CCUS can. Avoid the leftover emissions, from these processes that are really hard to stop otherwise.

Challenges with Carbon Capture Utilisation and Storage are that it costs a lot of money. Carbon Capture Utilisation and Storage also needs a place to store the carbon or a good way to use it. The problem is that we are not really sure if Carbon Capture Utilisation and Storage will be an investment, in the long run because the costs are still very uncertain when we think about doing it on a big scale today with Carbon Capture Utilisation and Storage.

4. Let us look at the money and big purchases. What do the numbers actually tell us about the capital expenditure reallocation. The financial and capital expenditure reallocation is very important. We need to see what the numbers say about the capital expenditure reallocation.

Hindustan Petroleum Corporation Limited is changing how they spend their money. They are putting money into gas and things like renewables and biofuels and electric vehicles and other alternative fuels. When you read what the media says it seems like they are spending around eight percent of their money on renewables and four percent on biofuels and fifteen percent on gas projects. These numbers can be different depending on the document or the year.

Hindustan Petroleum Corporation Limited has a plan for how they will spend their money. They have said that they will spend a lot of money like sixty thousand crore rupees by the year 2040. You can see these numbers in the slides they show to investors and, in the papers they write about sustainability. These numbers show that the company is really taking this transition seriously when it comes to money and the scale of this transition is big enough to affect what the company will make in the future and what kinds of assets it will have. The company is taking this transition seriously. The transition is large enough to influence the future earnings of the company and the asset mixes of the company.

One important thing to remember is that the exact amounts of money we plan to spend and when we plan to spend it are not final yet. These things need to be reviewed and approved by our board of directors. If you want to know the most up to date information about how we’re allocating our money you should look at the investor decks that we make public. These decks have the current numbers and you should use them when you are making decisions about investing in our company. The key thing is to look at the public investor decks for the figures of our capital expenditures or capex when you are making investment decisions, about our company and its capex.

5. The company is really big, on forming partnerships. It also does something called market signalling so partnerships and market signalling are very important for the company and these partnerships and market signalling help the company in many ways.

Hindustan Petroleum Corporation Limited is not working alone. Hindustan Petroleum Corporation Limited has teamed up with companies to increase the demand for biofuel and to make the supply chain better. For example Hindustan Petroleum Corporation Limited is working with logistics and retail companies to use renewable diesel or Compressed Bio Gas.

These partnerships help to make sure that there will be demand, for biofuel and they also reduce the risk of investing money in biofuel plants and terminals.

So public certification is also something that HPCL is doing. They are getting recognition from industry bodies that say their facilities are running on zero. For example some of HPCLs facilities have been certified for doing a job with net-zero operational practices. HPCL is talking about this. They are reporting that several of their facilities have gotten this certification. This is all part of what HPCL’s trying to do with their net-zero story. HPCLs facilities are getting certified for net-zero. That is a big deal, for HPCL.

6. The domestic policy and market context (India)

The actions of Hindustan Petroleum Corporation Limited sit inside a plan, for the countrys energy policy. Hindustan Petroleum Corporation Limited is working to fit its moves into this national energy policy frame. The moves of Hindustan Petroleum Corporation Limited are part of a plan to shape the countrys energy policy.

India is still building facilities to refine oil and they think fossil fuels will be used until at least 2040. At the time the government of India wants to use more renewable energy sources, like solar and wind power and they have big plans to make this happen for example they want to produce 500 gigawatts of renewable energy by 2030. They also want to encourage the use of biofuels and green hydrogen. This means two things are happening at the time. India is making more oil refining facilities and they are also trying to use more renewable energy. This creates a situation where people want alternatives, to fuels that do not hurt the environment as much and it also gives companies a chance to make their existing facilities more environmentally friendly. Indias refining capacity and Indias renewable targets are both important here.

The central government has some programmes that make biofuels very attractive. These programmes include the National Biofuels Policy and the promotion of CBG or biogas. There is also a hydrogen mission. Because of these programmes refiners find it very appealing to use biofuel assets. They are also happy to sign agreements that will last for a time, which is called a long-term offtake agreement for biofuels.

So the thing, with HPCL is that they are putting their money into things that fit with the government policies. This can really help HPCL make money from renewables and biofuels.. For this to actually work the government has to keep doing what they say they will do and give HPCL the support they need. HPCL needs the government to be consistent and give them incentives to help them succeed with renewables and biofuels.

7. There are some problems that Hindustan Petroleum Corporation Limited must deal with. Hindustan Petroleum Corporation Limited has to find a way to overcome these obstacles. The practical obstacles that Hindustan Petroleum Corporation Limited is facing are a challenge for them. Hindustan Petroleum Corporation Limited needs to think of a solution, to these obstacles.

So the plan makes sense. When you try to do it on a big scale you run into these problems:

Sustainable feedstock sourcing — to scale biofuel capacity to hundreds of kilotonnes sustainably without jeopardising food security or causing land-use change.

The cost of hydrogen is still pretty high. This is because the machines that make hydrogen, called electrolysers are expensive. Also the cost of power is still high.. We need some help from the government with incentives to make green hydrogen cheaper. Until all these things come together green hydrogen will cost more than the stuff we get from fossils. We are talking about hydrogen economics here and it is clear that green hydrogen economics will remain expensive until these costs come down. Green hydrogen economics is the key, to making this work so we need to focus on hydrogen economics.

Working with refinery operations is a deal. Refineries run all the time. They are very expensive to operate. When you want to add something like a different kind of fuel or a system that uses hydrogen or captures carbon you have to do it very carefully. This is because refinery operations cannot be stopped easily. You have to phase in the things slowly so that the refinery operations can keep running without any problems. Integration, with refinery operations is important because refineries are operations.

When we talk about capital allocation and returns we have to think about transition investments. These transition investments are competing with things the company wants to do. They need to bring in returns or be a good idea because they help manage risk in a smart way. Transition investments have to be worth it so they can be seen as an use of the companys money.

We need to measure the emissions from biofuels carefully and make sure we are being honest about how much they help the environment. This means we have to keep track of how carbon they save over their whole lifecycle. Biofuels and their impact on the environment is what we are talking about here. We have to be clear and independent when we measure the emissions from biofuels. If we do not do this people will say we are just pretending to be green which is not good for biofuels. Biofuels need to be seen as a way to really reduce emissions so we have to be careful, about how we measure their impact.

Market demand for low-carbon fuels is not growing fast as it could be. This is because even though some companies and governments want to use low-carbon fuels most people will only buy them if they have to or if they get some kind of reward for doing. Market demand for low-carbon fuels will really take off when people are willing to pay a more for them. Low-carbon fuels need rules or incentives to make people want to buy them. The market demand, for low-carbon fuels is waiting for something to push it forward.

8. So what does success look like for the project. We need to think about the metrics and milestones that we should be watching for the project. The project metrics and milestones are important to understand what success looks like for the project.

We have to look at the project metrics to see if the project is doing well. The project milestones are also very important because they tell us if the project is, on track.

For the project success looks like meeting these project metrics and milestones. We will know the project is successful when we see project metrics and we reach all the project milestones.

If Hindustan Petroleum Corporation Limited achieves its stated ambitions we should see measurable milestones, like the ones they have talked about. Hindustan Petroleum Corporation Limited has to take some steps to get there. We are waiting to see what Hindustan Petroleum Corporation Limited will actually do.

In the future, which is about one to three years the company wants to make a lot of biofuel. They are trying to get to a target of 300 thousand tons. This is an increase from what they are doing now which is around 12 thousand metric tons. The company also wants to get a lot of their electricity from sources like solar power. They might even try out some projects that use green hydrogen. They are talking to some buyers, like logistics and corporate companies to see if they can sell this stuff to them. You can find out more about this in the presentations they give to investors and, in their sustainability reports. The company will be able to show that they are really doing these things.

Medium term (3–7 years): Operational green hydrogen supply at industrial scale to at least one refinery unit, commercial CCUS pilots, improved emissions intensity metrics (Scope 1 & 2 reductions), and possible early wins on certified low-carbon product lines (renewable diesel, CBG).

By 2040: Verified net-zero (Scope 1 & 2) across HPCL operations (conditional on the effectiveness of their roadmap and scaling of the levers above).

Things to keep an eye on: when the company updates its investor deck, when they release audited sustainability reports every year when they make BRSR disclosures when they send out press releases, about opening new biofuel plants and when they get certified by other companies.

9. Risk vs reward — a balanced assessment

Upside (reward):

First-mover advantage in lower-carbon fuel markets in India given HPCL’s retail network and refinery footprint.

Reduced regulatory and transition risk for existing assets.

New revenue streams in renewables, green hydrogen and biofuel products.

Alignment with corporate buyers and institutional investors increasing HPCL’s ESG credibility and possibly lowering cost of capital.

Downside (risk):

The company is spending a lot of money on projects but it is not clear if they will make a profit from these projects in the near future. This is especially true if the government changes the subsidies or incentives they are giving or if the carbon markets change. The cost of these projects is very high so the company needs to be careful that they will get a good return, on their investment.

Technology and scale risks (green hydrogen, CCUS still immature economically).

The price of commodities. The things that are used to make biofuels can go up and down a lot. This can make it hard for biofuels to be a choice financially. The cost of feedstock which is what is used to make biofuels can change a lot too. This volatility, in commodities and feedstock can really hurt the economics of biofuels.

There is a risk to the reputation of companies if the emissions from a product over its lifecycle are not checked by an outside party. This is a problem because people want to know that the information about the emissions of a product is accurate. If lifecycle emissions are not independently verified then the reputation of these companies can be hurt. Companies need to make sure that lifecycle emissions are checked by someone, outside of the company to avoid this risk.

The new plan for HPCL is an idea. It will help reduce the risk of losing money on investments over time. This plan also helps HPCL be a part of the market, for fuels that’re better for the environment. However HPCL will only be successful if they can actually make this plan work. They need to make sure the technology does not cost much. They also need to have a supply of the materials they need.. They need the government to support them with good policies. The success of HPCL depends on all these things.

To make the plan work for HPCL or really any refiner here are some things they should do.

* First HPCL needs to take a hard look at their current situation.

1. They have to figure out what they are doing well and what they are not doing well.

HPCL should make a list of the things that are working for them and the things that are not.

* Then HPCL has to make a plan to fix the things that are not working.

2. This plan should have steps that HPCL can take to make things better.

For example HPCL might need to change the way they do things or get new equipment.

The plan should also have deadlines for when these things need to be done.

HPCL needs to make sure they have money to do all of the things in their plan.

3. They should also think about how they will know if their plan is working.

HPCL needs to have a way to measure how well they are doing.

This will help them see if they need to make any changes, to their plan.

HPCL should always be looking for ways to improve their plan and make it work better.

By following these steps HPCL can make their plan work. Be successful.

The key is for HPCL to be patient and not get discouraged if things do not happen away.

HPCL will need to keep working at it and making adjustments as they go.

In the end if HPCL sticks with their plan and keeps working they should be able to make it work.

Secure feedstock and offtake via long-term contracts and partnerships. Tie up agricultural residues, used cooking oil, municipal waste streams, and anchor offtake with large logistics and airline partners.

De-risk green hydrogen via phased deployment. Start with smaller electrolyser pilots co-located with cheap renewable power; build scale only after learning outcomes and cost reductions.

We need to find solutions that work together. We should use things like power and biofuels and try to be more efficient to reduce our impact right now. At the time we have to wait for newer technologies like carbon capture and green hydrogen to get better. We have to use renewables and biofuels and be more efficient to reduce our impact immediately. Newer technologies, like carbon capture and green hydrogen will take some time to mature.

Transparent, third-party verified lifecycle accounting. Use internationally accepted standards for lifecycle GHG accounting (to validate claims and access carbon markets).

Engage with policymakers. Work with the government on incentives, blending mandates, and hydrogen/CCUS policy frameworks to create predictable investment conditions.

Innovate on business models. Offer bundled fuel + carbon-reduction services to industrial customers; explore energy services, microgrids and hydrogen hubs.

11. So how does Hindustan Petroleum Corporation Limiteds plan fit into the picture of energy transitions that are happening in our country and all around the world. We are talking about Hindustan Petroleum Corporation Limiteds plan. How it is connected to the changes that are taking place in the way we use energy both nationally and globally. Hindustan Petroleum Corporation Limiteds plan is part of something larger and that is the shift, towards new energy sources and ways of using energy.

HPCL is doing what a lot of national refiners and big energy companies are doing. They want to make sure their current assets are still competitive. At the time they are working on getting into renewables and low-carbon fuels.

In India they are still making their refineries bigger.. They also have big plans for renewables. So HPCL is trying to do both. They are working on biofuels and renewables. This way they can reduce emissions now. Also be a part of the fuel market in the future. HPCLs plan for biofuels and renewables is a mix of old and new. It helps them reduce emissions, in the term and also secures their place in the fuel market of the future. Things are changing around the world. The cost of energy and electrolysers is going down. At the time companies are looking for ways to use fuels that are better for the environment. Global trends like these will affect the economics of Global trends like declining renewable energy costs and rising corporate demand, for low-carbon fuels. The cost of energy is going down and the cost of electrolysers is also going down. This will shape the economics of Global trends.

12. Conclusion — realistic outlook

Hindustan Petroleum Corporation Limited or HPCL has made some promises to the public. They want to have zero carbon emissions from their activities and from the energy they buy by the year 2040. They also want to make a lot of biofuels and invest a lot of money in changing how they do things. These are believable steps for a big Indian oil refining company like HPCL.

The old factories and retail stores that HPCL already has are both a thing and a problem. They are a thing because HPCL can easily sell new products that are better for the environment, to a lot of people. They are a problem because if HPCL does not change the factories and retail stores to be more environmentally friendly they might not be wanted or allowed in the future.

The success of HPCL depends on how they do things and the situation around them. HPCL needs to have a supply of sustainable feedstock for biofuels. The cost of hydrogen has to come down really fast. The government has to support them with subsidies rules that say they have to mix biofuels with fuels and markets that trade carbon credits. HPCL also has to be careful about how they spend their money.

If all these things happen HPCL could be one of the winners, in India when it comes to changing to cleaner energy. HPCL will change from an oil refiner to a company that makes many kinds of low-carbon fuels and energy.. If these things do not happen the money they invest might not do well or it might take a long time to pay off. HPCL has to get all these things right to achieve their goals.