India launches Global Biofuels Alliance on Day 1 of G20 Summit

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

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

On India announcing the Global Fuel alliance, Ashvin Patil, Founder and Director, Biofuels Junction said, “Collaborations within the Global Biofuels Alliance and with other nations will play a pivotal role in India's clean energy transition, enabling technology exchange, expediting the adoption 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 the gas share in its energy mix to 15 pe rcent by 2030, enhancing energy security and sustainability,” Patil added.

The Global Biofuels Alliance initiative was initially announced by Minister of Petroleum and Natural Gas Hardeep Singh Puri during the 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. The two most common types of biofuels are bioethanol and biodiesel.

The 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. The market size is projected to reach $265.01 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.6 per cent during the forecast period.

The G20 summit is currently being hosted by India in New Delhi, with leaders from major economies gathered to address various global issues, including climate change.