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India leads global Biofuels initiative to transform energy landscape

September 12, 2023 5:42 pm

India leads global Biofuels initiative to transform energy landscape
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With the implementation of E20 by 2025, India is poised to save approximately ₹45,000 crores in oil imports and 63 million tons of oil annually.

India is set to blaze a trail in the realm of biofuels through the Global Biofuels Alliance (GBA), as declared by Hardeep Singh Puri, Minister of Petroleum & Natural Gas and Housing & Urban Affairs.

Through a series of posts on the social media platform ‘X’, the Minister highlighted that this endeavour, guided by the mantra of ‘Vasudhaiva Kutumbakam,’ championed by Prime Minister Narendra Modi, will undoubtedly diminish the global reliance on petroleum and diesel.

In a historic move within the global energy landscape, Prime Minister NarendraModi unveiled the inauguration of the Global Biofuels Alliance (GBA) during the recent G20 Summit. An impressive coalition of 19 nations and 12 international organisations has already committed to join this alliance.

The GBA, spearheaded by India, is a groundbreaking initiative aimed at forging an alliance comprising governments, international organisations, and industry players to expedite the adoption of biofuels. By uniting major biofuel consumers and producers, this initiative seeks to catalyse the development and implementation of biofuels as a pivotal element in the global energy transition, thereby bolstering employment opportunities and economic growth.

HardeepPuri noted that the world’s pursuit of cleaner and more sustainable energy sources has gained unprecedented momentum with the launch of the GBA on the sidelines of the G20 Summit.

With the implementation of E20 by 2025, India is poised to save approximately ₹45,000 crores in oil imports and 63 million tons of oil annually.The global ethanol market, valued at $99.06 billion in 2022, is anticipated to grow at a CAGR of 5.1percent by 2032, surpassing $162.12 billion by that year, as per IEA projections. With Net Zero targets driving a 3.5-5 times growth potential in biofuels by 2050, India is poised to seize significant opportunities in this burgeoning sector.

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