Prime Minister Modi launched the Global Biofuel Alliance at the G20 Summit, aiming to promote sustainable biofuels and reduce reliance on fossil fuels.
Prime Minister Narendra Modi, US President Joe Biden, Brazilian President Luiz Inacio, Argentina’s Alberto Fernández, Italian Prime Minister Giorgia Meloni among others launched the Global Biofuel Alliance on Saturday during the G20 Summit in New Delhi.
Expressing gratitude to the member nations in a social media post, Modi said, “The launch of the Global Biofuels Alliance marks a significant milestone in our pursuit of sustainability and clean energy.”
What is the goal of Global Biofuels Alliance?
The Global Biofuel Alliance (GBA) is an initiative led by India as the G20 Chair. The Alliance aims to accelerate the worldwide adoption of biofuels by promoting technological advancements, increasing the use of sustainable biofuels, and establishing robust standards and certification processes through the active involvement of a wide range of stakeholders, the ministry of external affairs said in a statement.
The alliance will also serve as a central repository of knowledge and an expert hub. GBA intends to act as a catalyst for global cooperation in advancing and widely implementing biofuels, the ministry added.
How will the alliance benefit India?
“Collaboration within the Global Biofuel Alliance and with other nations will play a pivotal role in India’s transition to clean energy, facilitating technology exchange, expediting the adoption of eco-friendly biofuels, reducing dependence on fossil fuels, and aligning with climate and energy goals,” said Ashvin Patil, founder and director of Biofuels Junction told HT.
Biofuel alliance can generate opportunities worth USD 500 billion in the next three years for G20 countries, according to Indian Biogas Association (IBA).
India has substantially increased its share of renewable energy in the overall energy mix, experiencing a Compound Annual Growth Rate (CAGR) of approximately 22 per cent over the last six years. The country has also significantly expanded its solar and wind energy sectors, with solar energy and wind energy growing at CAGRs of 38 per cent and 30 per cent, respectively, during this period.
According to the ministry of new and renewable energy, the current daily production of biogas and compressed bio gas in India is 1151 MT. With a concerted effort in the sector, even conservative estimates suggest that this could increase to 1750 MT per day by 2025.
IBA said the alliance will assist G20 nations in reducing their reliance on fossil fuels. Within the next three years, it is anticipated that the overall import bill for non-fossil fuels could be substantially reduced, helping these nations achieve their Sustainable Development Goals.