India Will Show World New Path On Biofuel Through Global Biofuels Alliance: Puri
India will show the world a new path on biofuel through the Global Biofuels Alliance (GBA), said Union Petroleum Minister, Hardeep Singh Puri on Monday.
Puri noted that the alliance supported by G20 nations and energy-related global organisations like the International Energy Agency (IEA), International Civil Aviation Organisation (ICAO), World Economic Forum (WEO) and World LPG association among others will strengthen the global biofuels trade and best practices allowing the members to successfully face the energy quadrilemma.
He added, "This will bolster the transformation of our farmers from ‘Annadatas to Urjadatas’ as an additional source of income."
Puri stated that in the last nine year, the government have given Rs 71,600 crore to Indian farmers. With E20 implementation by 2025, India will save about Rs 45,000 crore in oil imports and 63 MT of oil annually, he added.
Prime Minister Narendra Modi initiated GBA on the sidelines of the G20 Summit and 19 countries and 12 international organisations have already agreed to join the alliance. The initiative is expected to be beneficial for India on multiple fronts.
Meanwhile, the global ethanol market was valued at USD 99.06 billion in 2022 and is predicted to grow at a CAGR of 5.1 per cent by 2032 and surpass USD 162.12 billion by 2032. As per IEA, there will be 3.5 to 5 times biofuel growth potential by 2050 due to net zero targets, creating a huge opportunity for India.
