Global Biofuels Alliance to strengthen India’s position globally: minister Hardeep Puri
Sep 11, 2023
New Delhi [India], September 11 : India will show the world a new path on biofuels through the Global Biofuels Alliance, stated Hardeep Singh Puri, Minister of Petroleum and Natural Gas and Housing and Urban Affairs. As a tangible outcome of the G20 presidency, it will help strengthen India’s position globally, Puri said.
Expressing his views through a series of posts on the social media platform ‘X’, the Minister noted that this effort will definitely reduce the dependence on petrol and diesel across the world.
On the sidelines of the G20 Summit in New Delhi, Prime Minister Narendra Modi announced the launch of the Global Biofuels Alliance (GBA). As many as 19 countries and 12 international organisations have already agreed to join the alliance. Leaders of Singapore, Bangladesh, Italy, USA, Brazil, Argentina, Mauritius and UAE were present during the launch.
It is an India-led Initiative to develop to facilitate the adoption of biofuels.
Hardeep Singh Puri noted that the visionary Global Biofuels Alliance supported by G20 Nations & energy related global organisations like International Energy Agency (IEA), International Civil Aviation Organization (ICAO), World Economic Forum (WEO), and World LPG Association among others will strengthen global biofuels trade and best practices allowing the members to successfully face the Energy Quadrilemma.
With E20 implementation by 2025, India, Puri said, will save about Rs 45,000 crore in oil imports and 63 million tonne of oil annually.
E20 fuel is a blend of 20 per cent ethanol and the rest fossil-based fuel.
India has already rolled out 20 per cent blended fuel, though, in a phased manner, this year and widespread availability is expected in two years. Notably, the government had advanced the target of E20 fuel from 2030 to 2025.
The global ethanol market was valued at USD 99.06 billion in 2022 and is predicted to grow at a CAGR of 5.1 per cent by 2032 and surpass USD 162.12 billion by 2032. As per International Energy Agency (IEA), there will be 3.5-5x biofuels growth potential by 2050 due to Net Zero targets, creating a huge opportunity for India.
