New Delhi, September 12, 2023 – In a groundbreaking move that is set to revolutionize the global energy landscape, India has taken the lead in the formation of the Global Biofuels Alliance (GBA). This visionary initiative, spearheaded by Prime Minister Shri Narendra Modi, holds the promise of reducing worldwide dependence on conventional fossil fuels, specifically petrol and diesel. The announcement of this historic endeavor was made by Shri Hardeep Singh Puri, the Minister of Petroleum & Natural Gas and Housing & Urban Affairs, who emphasized its transformative potential not only for India but for the entire world.
Global Biofuels Alliance
A Sustainable Path Forward
The GBA, a brainchild of Prime Minister Modi, was officially launched on the sidelines of the recent G20 Summit. This alliance has already garnered support from 19 countries and 12 international organizations, signaling a united global effort towards a more sustainable energy future. The primary aim of the GBA is to foster collaboration among governments, international entities, and industry leaders to expedite the adoption of biofuels.
A Global Coalition for a Greener Tomorrow
Shri Hardeep Singh Puri expressed his appreciation to key figures instrumental in laying the groundwork for the Global Biofuels Alliance. Ms. Jennifer Granholm, Secretary of the Department of Energy in the United States, Mr. Alexandre Silveira, Energy Minister of Brazil, and Dr. Evandro Gussi, President & CEO of UNICA Brazil, played pivotal roles in the formation of this historic alliance.
Turning Farmers into Energy Producers
One of the most significant benefits of the GBA is its potential to transform India’s agricultural landscape. Shri Puri highlighted that the alliance, supported by G20 nations and esteemed energy-related global organizations such as the International Energy Agency (IEA), International Civil Aviation Organization (ICAO), World Economic Forum (WEO), and World LPG Association, is poised to bolster global biofuels trade and best practices. This, in turn, will empower Indian farmers to transition from being ‘Annadatas’ (food providers) to ‘Urjadatas’ (energy providers), offering them an additional source of income.
Over the past nine years, India has invested a substantial ₹71,600 crores in supporting its farmers. The implementation of E20 by 2025 is projected to save India approximately ₹45,000 crores in oil imports and reduce annual oil consumption by a staggering 63 million metric tonnes.
A Catalyst for Sustainable Biofuels
The GBA is set to accelerate the development and deployment of sustainable biofuels on a global scale. It will provide capacity-building exercises, technical support, and policy sharing across the biofuels value chain. Moreover, it will establish a virtual marketplace to connect technology providers with end-users, facilitating the adoption of internationally recognized standards and sustainability principles.
India’s Ascendancy on the Global Stage
India’s involvement in the GBA is poised to enhance its global standing significantly. The alliance will promote collaboration and open new avenues for Indian industries to export technology and equipment. This will further expedite India’s ongoing biofuel programs, such as PM-JIVAN Yojna, SATAT, and GOBARdhan scheme, ultimately contributing to increased farmers’ income, job creation, and the overall development of the Indian ecosystem.
A Promising Market Outlook
The global ethanol market, valued at USD 99.06 billion in 2022, is forecasted to experience a substantial growth rate of 5.1% by 2032, surpassing USD 162.12 billion. According to the IEA, there is a potential 3.5-5 times growth in biofuels by 2050 due to Net Zero targets, presenting a tremendous opportunity for India to play a pivotal role in shaping the future of the energy sector.
In conclusion, the Global Biofuels Alliance stands as a testament to India’s commitment to a sustainable and greener energy future for the world. With strong international support and a clear vision, this initiative has the potential to transform not only the energy sector but also the lives of countless farmers in India and beyond. As the world grapples with the challenges of climate change, the GBA offers a ray of hope, lighting the path towards a more sustainable tomorrow.
🔍 Key Facts About Global Biofuels Alliance:
- India, led by Prime Minister Shri Narendra Modi, has launched the Global Biofuels Alliance (GBA) with the aim to reduce worldwide dependence on petrol and diesel.
- GBA is an initiative involving 19 countries and 12 international organizations to promote the adoption of biofuels.
- The alliance aims to position biofuels as a key component of the energy transition, contributing to economic growth and job creation.
- Notable entities, including G20 Nations and organizations like the International Energy Agency (IEA) and World Economic Forum (WEO), support GBA.
- Implementation of E20 by 2025 in India is expected to save approximately ₹45,000 crore in oil imports and 63 million tonnes of oil annually.
- GBA plans to support the global development and deployment of sustainable biofuels by offering capacity-building exercises, technical support, and policy sharing.
- The initiative is expected to strengthen India’s global position, provide export opportunities for Indian industries, and contribute to increased farmers’ income.
India, under the leadership of Prime Minister Shri Narendra Modi, has initiated the Global Biofuels Alliance (GBA) with the participation of 19 countries and 12 international organizations. The objective is to reduce global reliance on conventional fuels, position biofuels as a crucial element in the energy transition, and stimulate economic growth. Key supporters include G20 Nations and global organizations like the International Energy Agency (IEA) and World Economic Forum (WEO). Implementation of E20 by 2025 in India is expected to lead to substantial savings in oil imports. GBA aims to support sustainable biofuels development globally and strengthen India’s global standing while fostering collaboration and export opportunities for Indian industries.
Frequently Asked Questions (FAQs) – Global Biofuels Alliance
- What is the Global Biofuels Alliance (GBA)?The Global Biofuels Alliance (GBA) is an initiative led by India, aiming to create an alliance of governments, international organizations, and industry leaders to promote the adoption of biofuels as a sustainable energy source.
- How many countries and organizations are part of the GBA?As of now, 19 countries and 12 international organizations have already agreed to join the GBA, indicating strong global support for this initiative.
- What are the potential benefits of the GBA for India?The GBA is expected to enhance India’s global standing, promote collaboration, and provide opportunities for Indian industries to export technology and equipment. It will also accelerate India’s biofuel programs, creating additional income for farmers and contributing to overall development.
- What is the outlook for the global ethanol market?The global ethanol market is projected to grow significantly, with a forecasted CAGR of 5.1% by 2032, surpassing USD 162.12 billion in value.
- How will the GBA contribute to sustainable biofuels?The GBA will offer capacity-building exercises, technical support, and policy sharing across the biofuels value chain. It will also establish a virtual marketplace to connect technology providers with end-users and promote the adoption of internationally recognized standards and sustainability principles.