India will show world a new path on biofuels through Global Biofuels Alliance: Hardeep Puri

New Delhi: Minister of Petroleum & Natural Gas Hardeep Puri said that the world’s quest for cleaner and greener energy has gained historic momentum with the launch of the Global Biofuels Alliance  (GBA) on the sidelines of the G20 Summit.

India has launched the Global Biofuels Alliance (GBA) on the sidelines of the G20 Summit to push the clean energy transition and to reach the target of net zero.

Nineteen countries and 12 international organizations have already agreed to join the alliance. “India will show the world a new path on biofuels through Global Biofuels Alliance, stated Hardeep Singh Puri.

Through a series of posts on the social media platform ‘X’ , the Minister noted that following the mantra of ‘Vasudhaiva Kutumbakam’, this effort of Prime Minister Narendra Modi will definitely reduce the dependence on petrol and diesel across the world.

Global Biofuels Alliance an India-led Initiative to develop an alliance of Governments, International organizations and Industry to facilitate adoption of biofuels.

The initiative aims to position biofuels as a key to energy transition and contribute to jobs and economic growth.

Hardeep Singh Puri noted that the visionary Global Biofuels Alliance supported by G20 Nations & energy-related global organisations will strengthen global biofuels trade and best practices allowing the members to successfully face the Energy Quadrilemma.

“In the last 9 year we have given ₹71,600 cr to our farmers. With E20 implementation by 2025, India will save about ₹45,000 cr in oil imports & 63 MT of oil annually” he added.

Mr Puri also expressed his gratitude to Ms Jennifer Granholm, Secretary of the Department of Energy, US; Mr. Alexandre Silveira, Energy Minister of Brazil; & Dr Evandro Gussi President & CEO of UNICA Brazil for germinating the seeds of forming Global Biofuels Alliance.

The initiative will be beneficial for India at multiple fronts. GBA as a tangible outcome of the G20 presidency, will help strengthen India’s position globally.

Moreover, the alliance will focus on collaboration and will provide additional opportunities to Indian industries in the form of exporting technology and exporting equipment.

 It will help accelerate India’s existing biofuel programs such as PM-JIVANYojna, SATAT, and GOBARdhan scheme, thereby contributing to increased farmers’ income, creating jobs and overall development of the Indian ecosystem.

As per the Ministry, the global ethanol market was valued at USD 99.06 billion in 2022 and is predicted to grow at a CAGR of 5.1% by 2032 and surpass USD 162.12 billion by 2032.

As per IEA, there will be 3.5-5x biofuels growth potential by 2050 due to Net Zero targets, creating a huge opportunity for India.