G20 Summit 2023: India launches Global Biofuel Alliance on day 1 | WATCH

This alliance, founded with the United States and Brazil as its initial members, aims to expedite global efforts to achieve net-zero emissions targets by facilitating the trade in biofuels derived from various sources, including plant and animal waste.

G20 Summit 2023: India launches Global Biofuel Alliance on day 1; check details AJR

Team Newsable

Updated: Sep 9, 2023, 5:55 PM IST

Prime Minister Narendra Modi, in the presence of US President Joe Biden, Brazilian President Luiz Inacio, President of Argentina Alberto Fernández, and Prime Minister of Italy Giorgia Meloni, on Saturday (September 9) launched the 'Global Biofuels Alliance' during the G20 Summit.

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PM Modi invited all G20 leaders to join the initiative, emphasizing its potential to contribute to global sustainability.

The creation of a biofuels alliance mirrors the International Solar Alliance launched by India and France in 2015, which aimed to make clean and affordable solar energy accessible to all.

According to the International Energy Agency, global sustainable biofuels production must triple by 2030 to put the world on a path to achieving net-zero emissions by 2050.

India, as the world's third-largest oil importer and consumer, is gradually increasing its biofuels output to reduce its dependence on imported crude oil. The country imports about 85% of its crude oil requirements. India is striving to achieve carbon neutrality by 2070 and is accelerating the adoption of biofuels in its transportation sector. It has advanced its ethanol blending target to 20% by 2025, five years ahead of schedule.

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The Global Biofuels Alliance aims to promote global biofuels trade, develop concrete policies for knowledge-sharing, and provide technical support for national biofuels programs worldwide. India plans to establish 12 bio-refineries to produce fuel from materials such as crop residue, plant waste, and municipal solid waste as part of its biofuels expansion efforts.

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