Global Biofuels Alliance (GBA) Announced at G20 Event : Historic Moment in Global Energy Sector

Source: PIB - Historic Moment in Global Energy Sector Global Biofuels Alliance (GBA) Announced at G20 Event
Source: PIB - Historic Moment in Global Energy Sector Global Biofuels Alliance (GBA) Announced at G20 Event

The global energy sector reached a historic milestone today as Prime Minister Shri Narendra Modi, on the sidelines of the G20 Summit, unveiled the Global Biofuels Alliance (GBA).

GBA, spearheaded by India, is an ambitious initiative designed to forge an alliance among governments, international organizations, and industry leaders to expedite the adoption of biofuels. By uniting the world’s foremost biofuel consumers and producers, GBA seeks to advance the development and deployment of biofuels, positioning them as a pivotal component of the global energy transition while simultaneously contributing to job creation and economic growth.

The announcement of GBA underscores India’s proactive stance as the G20 President, representing the “Voice of the Global South.”

GBA’s Vision and Mission

The Global Biofuels Alliance is committed to supporting the global development and deployment of sustainable biofuels through a multifaceted approach:

  1. Capacity-Building: GBA will conduct capacity-building exercises spanning the entire biofuel value chain. This will empower nations to develop robust biofuel programs, from production to distribution.
  2. Technical Support: The alliance will provide technical support to national biofuel initiatives, offering expertise and guidance to ensure successful implementation.
  3. Policy Sharing: GBA will facilitate the exchange of policy insights and lessons learned among its member nations, promoting effective strategies for biofuel adoption and trade.
  4. Virtual Marketplace: To streamline the biofuel ecosystem, GBA will establish a virtual marketplace. This platform will help industries, countries, and stakeholders connect, matching supply with demand and linking technology providers with end users.
  5. Standards and Regulations: GBA will work toward the development, adoption, and implementation of internationally recognized standards, codes, and sustainability principles. These measures will incentivize the adoption and trade of biofuels.

Benefits for India

The GBA initiative carries numerous advantages for India:

  • Global Standing: As a tangible outcome of its G20 presidency, GBA will enhance India’s global stature, solidifying its role as a leader in the sustainable energy sector.
  • Collaboration Opportunities: The alliance emphasizes collaboration, opening doors for Indian industries to export technology and equipment, thus boosting the country’s economic prospects.
  • Boosting Existing Programs: GBA will accelerate India’s ongoing biofuel programs, including PM-JIVAN Yojna, SATAT, and GOBARdhan. This acceleration will contribute to increased income for farmers, job creation, and overall ecosystem development.

The global ethanol market, valued at USD 99.06 billion in 2022, is projected to grow at a CAGR of 5.1% by 2032, reaching an estimated USD 162.12 billion by 2032. According to the International Energy Agency (IEA), biofuels have the potential to grow 3.5-5 times by 2050, driven by Net Zero targets, presenting a significant opportunity for India.

GBA Membership

GBA has already garnered substantial support, with 19 countries and 12 international organizations pledging their commitment:

G20 Countries Supporting GBA:

  1. Argentina
  2. Brazil
  3. Canada
  4. India
  5. Italy
  6. South Africa
  7. USA

G20 Invitee Countries Supporting GBA:

  1. Bangladesh
  2. Singapore
  3. Mauritius
  4. UAE

Non-G20 Countries Supporting GBA:

  1. Iceland
  2. Kenya
  3. Guyana
  4. Paraguay
  5. Seychelles
  6. Sri Lanka
  7. Uganda
  8. Finland

International Organizations Supporting GBA:

  • World Bank
  • Asian Development Bank
  • World Economic Forum
  • World LPG Organization
  • UN Energy for All
  • UNIDO
  • Biofutures Platform
  • International Civil Aviation Organization
  • International Energy Agency
  • International Energy Forum
  • International Renewable Energy Agency
  • World Biogas Association

Collectively, GBA members represent the major producers and consumers of biofuels, with the USA (52%), Brazil (30%), and India (3%) contributing approximately 85% of biofuel production and 81% of consumption of ethanol.

In conclusion, the establishment of the Global Biofuels Alliance marks a significant milestone in the global energy sector. This ambitious initiative, led by India, seeks to accelerate the adoption of biofuels worldwide, positioning them as a key driver of the energy transition and economic growth. With a strong lineup of member countries and international organizations, GBA is poised to make a substantial impact on the future of sustainable energy.

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