Biofuels is the term used for fuel produced from agricultural produce or organic waste
India will show the world a new path on biofuels through the Global Biofuels Alliance (GBA), Union Minister of Petroleum & Natural Gas Hardeep Singh Puri stated on Monday (September 11, 2023).

He was expressing his views through a series of posts on social media platform X (formerly Twitter), two days after the initiative was launched by Prime Minister Narendra Modi along with several other world leaders on the sidelines of the G20 Delhi Summit on Saturday (September 9, 2023).

WHAT IS THE GLOBAL BIOFUELS ALLIANCE?

1. GBA is an India-led Initiative to develop an alliance of Governments, International organizations and Industry to facilitate adoption of biofuels (fuel produced from agricultural produce or organic waste). It was launched by Prime Minister Modi along with leaders of the US, Brazil, Bangladesh, Singapore, Italy, Argentina, Mauritius and UAE.

2. Nineteen countries and 12 international organisations have already agreed to join the alliance, which aims to reduce the dependence on petrol and diesel across the world.

3. The initiative aims to position biofuels as a key to energy transition and contribute to jobs and economic growth by bringing together the biggest consumers and producers of biofuels to drive biofuels development and deployment.

4. According to the Ministry of External Affairs (MEA), the Alliance intends to expedite the global uptake of biofuels through facilitating technology advancements, intensifying utilization of sustainable biofuels, shaping robust standard setting and certification through the participation of a wide spectrum of stakeholders.

5. The alliance will also act as a central repository of knowledge and an expert hub. GBA aims to serve as a catalytic platform, fostering global collaboration for the advancement and widespread adoption of biofuels.

6. According to Union Minister Puri, the alliance, which is 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 the global biofuels trade & best practices allowing the members to successfully face the Energy Quadrilemma.

7. As per estimates by the International Energy Agency (IEA), there will be 3.5-5x biofuels growth potential by 2050 due to Net Zero targets. This will create a huge opportunity for India.

8. The global market for ethanol, a biofuel, 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.

9. The Indian government has set 2025 as the target for the country to have special fuel stations to retail E20 petrol, which is a blend of 20 percent ethanol with petrol. With E20 implementation by 2025, India will save about ₹45,000 crore in oil imports & 63 MT of oil annually, Puri said.

10. The initiative will be beneficial for India on 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.