India's proposed Global Biofuels Alliance (GBA) joined by 19 countries and 12 international organisations
Through the Global Biofuels Alliance, India will demonstrate a new course for biofuels to the rest of the globe, according to Shri Hardeep Singh Puri, Minister of Petroleum & Natural Gas and Housing & Urban Affairs. In a series of tweets on the social media site "X," the Minister expressed his opinions and underlined that by adhering to the principle of "Vasudhaiva Kutumbakam," Prime Minister Shri Narendra Modi's initiative will undoubtedly lessen the reliance on petrol and diesel all over the world.
On the eve of the G20 Summit yesterday, Prime Minister Shri Narendra Modi made energy industry history by announcing the formation of the Global Biofuels Alliance (GBA). Twelve international groups and 19 nations have already decided to join the alliance.
GBA is an initiative started in India to bring together governments, international organisations, and business to promote the use of biofuels. The project, which brings together the largest producers and users of biofuels, intends to present biofuels as a key to the energy transition and support employment and economic growth.
According to Shri Hardeep Puri, the GBA launch on the fringes of the G20 Summit has given the global search for cleaner and greener energy a historic boost.
The Brazilian Energy Minister, Mr. Alexandre Silveira, the US Secretary of Energy, Ms. Jennifer Granholm, the Indian Petroleum and Natural Gas Minister, and Dr. Evandro Gussi, President & CEO of UNICA Brazil, were thanked by the Indian Petroleum and Natural Gas Minister for sowing the seeds for the creation of the Global Biofuels Alliance.
Shri Hardeep Singh Puri pointed out that the forward-thinking Global Biofuels Alliance, which is backed by the G20 nations and energy-related international organisations like the International Energy Agency (IEA), International Civil Aviation Organisation (ICAO), World Economic Forum (WEO), and World LPG Association among others, will strengthen global biofuels trade & best practises allowing the members to successfully face the Energy Quadrilemma. This will support our farmers' transition from "Annadatas to Urjadatas" as a new source of income. We have provided our farmers 71,600 crores over the past nine years. By implementing E20 by 2025, he continued, India will save 63 MT of oil year and around $45,000 cr in oil imports.
By providing exercises to build capacity across the value chain, providing technical assistance for national programmes, and encouraging the sharing of policy insights, GBA will help the development and implementation of sustainable biofuels on a global scale. It will make it easier to mobilise a virtual market to help sectors, nations, ecosystem participants, and key stakeholders map demand and supply and link technology providers and end users. In order to encourage the use and trading of biofuels, it will also make it easier to create, adopt, and apply internationally recognised standards, codes, sustainability principles, and legislation.
India will gain from the initiative in a number of ways. GBA, a concrete result of India's G20 leadership, will improve India's standing internationally. Additionally, the alliance will emphasise cooperation and give Indian firms more options for exporting technology and other goods. It will aid in accelerating India's current biofuels initiatives, like the PM-JIVANYojna, SATAT, and GOBARdhan plan, which will raise farmers' incomes, generate jobs, and advance India's ecosystem as a whole. The market for ethanol worldwide was estimated at USD 99.06 billion in 2022; by 2032, it is expected to reach USD 162.12 billion after expanding at a CAGR of 5.1%. According to the IEA, the Net Zero targets will increase the growth potential of biofuels by 3.5-2 times by 2050, providing India with a tremendous opportunity.