Mumbai: To achieve the full potential of biofuel, the collaboration of G20 countries is significant to create a more “sustainable and greener” future, said Secretary, Ministry of Petroleum and Natural Gas, Pankaj Jain here.
Pankaj Jain was addressing the Global Biofuel Alliance Seminar, organised by MoP&NG on the sidelines of the 3rd Energy Transition Working Group Meeting in Mumbai.
Mr. Jain also laid emphasis on the importance of biofuels in boosting economic prosperity, energy security, access, and affordability while being sustainable and supporting decarbonization.
“Technology advancements provide multiple biofuel feedstock options and further cooperation across G20 nations can help in further development of the Global Bio-fuels market and realize biofuels’ full potential”, Jain added.
The Secretary also called for increased collaboration among G20 countries to accelerate the development of the global biofuels market.
He underlined the technological advancements that have provided diverse biofuel feedstock options such as sugarcane, corn, agricultural waste, and bamboo.
Earlier Union Minister for Petroleum and Natural Gas Hardeep Singh Puri had already announced that India will push for setting up an “international biofuel alliance” during its G20 meeting, which will be held in New Delhi in September this year.
Talking to The Environment, CEO of Byofuel Kishan Karunakaran said “I am immensely optimistic about the profound implications and wide-ranging potential of biofuels in driving the green energy transition”
He said, “With the capacity to reduce carbon emissions by up to 90%, undoubtedly, biofuels stand as a promising solution towards mitigating climate change, net-zero emissions, and energy security”.
Over the Global Biofuel Alliance, he said India’s unwavering focus within the G20, specifically concerning the Global Biofuel Alliance, will surely act as a catalyst for transformative change, fostering industry-wide innovation and nurturing collaborative synergy.
“I firmly believe that this initiative will pave the way for seamless technology and knowledge transfer, strengthening the global biofuel community while facilitating the development of robust policies that will shape the future” he added.
Brazil, India, and the United States, as leading biofuel producers and consumers, is working towards the development of a Global Biofuels Alliance along with other interested countries.
This Alliance will be aimed at facilitating cooperation and intensifying the use of sustainable biofuels, including in the transportation sector.
It will place emphasis on strengthening markets, facilitating global biofuels trade, development of concrete policy lesson-sharing and provision of technical support for national biofuels programs worldwide. It will also emphasize the already implemented best practices and success cases.
“The Alliance shall work in collaboration with and complement the relevant existing regional and international agencies as well as initiatives in the bioenergy, bioeconomy, and energy transition fields more broadly, including the Clean Energy Ministerial Biofuture Platform, the Mission Innovation Bioenergy initiatives, and the Global Bioenergy Partnership (GBEP)” said the Ministry.
The National Biofuel Policy was enacted in 2018 to promote the production and consumption of biofuels.
India, the world’s third largest oil-consuming and importing nation, is now pushing for greater use of biofuels extracted from sugarcane, cereals and agri waste as a means to cut reliance on crude oil.