Biofuel pact to reduce petrol, diesel dependence, says Puri

Biofuel pact to reduce petrol, diesel dependence, says Puri

Petroleum and natural gas minister Hardeep Singh Puri on Monday said India will show the world a new path on biofuels, less dependent on petrol and diesel, through the Global Biofuel Alliance (GBA).

He stated that Prime Minister Narendra Modi followed the mantra of Vasudhaiva Kutumbakam by launching the alliance that aims to position biofuels as a key to energy transition across the world.

The GBA will develop an alliance of governments, international organisations and industry to facilitate adoption of biofuels. It will bring together consumers and producers to drive biofuels development and deployment.

While the world’s quest for clean energy gained momentum with the launch of GBA, the alliance will bolster the transformation of farmers from annadatas to urjadatas with an additional source of income, the minister added.

“In last nine years, we have given `71,600 crore to our farmers. With E20 (20% ethanol blending with petrol) implementation by 2025, India will save about `45,000 crore in oil imports and 63 MT of oil annually,” he said.

The global ethanol market was valued at $99.06 billion in 2022 and is predicted to grow at a CAGR of 5.1% by 2032 and surpass $162.12 billion by 2032, as per the ministry of petroleum and natural gas.

According to the International Energy Agency (IEA), there will be 3.5-5x biofuels growth potential by 2050 due to net zero targets, creating a huge opportunity for India.

GBA will support worldwide development and deployment of sustainable biofuels by offering capacity-building exercises across the value chain, technical support and sharing of policy lessons.

It will help mobilise a virtual marketplace, connect technology providers, and develop & adopt internationally recognised standards, codes, sustainability principles and regulations.