India launches Global Biofuels Alliance on Day 1 of G20 Summit

India, on Saturday, during Day 1 of G20 summit, launched Global Biofuels Alliance, an initiative aimed at promoting use of sustainable biofuels, including in transportation sector.

Prime Minister Narendra Modi, at G20 Summit said, “We are launching Global Biofuels Alliance and India invites all of you to join this initiative.” 

On India announcing Global Fuel alliance, Ashvin Patil, Founder and Director, Biofuels Junction said, “Collaborations within Global Biofuels Alliance and with or nations will play a pivotal role in India's clean energy transition, enabling technology exchange, expediting option of eco-friendly biofuels, reducing reliance on fossil fuels, and aligning with climate and energy objectives. This partnership also presents opportunities to bolster rural economies, combat environmental issues, reduce greenhouse gas emissions, enhance air quality, augment farmer incomes, and fortify energy independence through sustainable practices and international cooperation. 

“In recent years, Compressed Bio-Gas (CBG) has emerged as a viable alternative to imported fossil natural gas, offering nearly net-zero emissions and enhancing energy security in India. CBG's domestic production and environmental benefits position it as a crucial element in India's goal to increase gas share in its energy mix to 15 pe rcent by 2030, enhancing energy security and sustainability,” Patil ded.

Global Biofuels Alliance initiative was initially announced by Minister of Petroleum and Natural Gas Hardeep Singh Puri during India Energy Week 2023 in February.

Biofuels are a renewable source of energy derived from biomass, such as wood, straw, organic matter, and vegetable oils, which can be converted into gaseous or liquid fuels. two most common s of biofuels are bioethanol and biodiesel.

global liquid biofuels market is experiencing substantial growth, with a market size valued at $137.26 billion in 2022, accordinng to Fortune Business Insights data. market size is projected to reach $265.01 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.6 per cent during forecast period.

G20 summit is currently being hosted by India in New Delhi, with leers from major economies gared to dress various global issues, including climate change.