A global alliance for promoting biofuels was launched at the Group of 20 leaders meeting in September with a view to reducing emissions in the transportation and industrial sectors
India extended an invitation to the Global South to join the recently inaugurated Global Biofuels Alliance, expressing its willingness to share expertise with developing and less developed nations.
The Global Biofuel Alliance, launched at the Group of 20 Leaders meeting in September, includes major producers such as Brazil and the US, aiming to foster a global market for trade in biofuels derived from biomass with the goal of reducing emissions in the transportation and industrial sectors.
Speaking at the 2nd Voice of Global South Summit, Oil Minister Hardeep Singh Puri highlighted India's achievement of reaching the target of blending 10 percent ethanol in petrol in May 2022, five months ahead of schedule. India has also advanced the deadline for blending 20 percent ethanol in petrol to 2025.
The conversion of biomass into fuel has not only provided an additional income source for farmers but has also contributed to emissions reduction, making a significant impact on the world's third-largest energy consumer.
Puri emphasised the collaborative nature of the Global Biofuels Alliance, with 22 member countries and 12 international organisations currently involved. He extended an invitation to countries in the Global South to join the alliance, emphasising the potential for collective efforts towards a cleaner and greener future.
India's progress in biofuel blending was underscored, with a shift from 1.4 percent in 2014 to 10 percent blending of ethanol in petrol in May 2022. This initiative has not only boosted farmers' income but also resulted in a reduction of over 40 million metric tonnes of carbon dioxide emissions in the past nine years.
Puri expressed India's willingness to collaborate with Global South countries, offering expertise in areas such as knowledge sharing, technology transfer, joint research and development activities, and the development of human capabilities. India reaffirmed its commitment to achieving net zero by 2070, with a non-fossil energy capacity target of 500 GW and a goal of meeting 50 percent of energy requirements from renewable sources by 2030.
India, now the world's largest producer of renewable energy, with 40 percent of installed electricity capacity coming from non-fossil fuel sources, has witnessed a significant decline in solar and wind power tariffs. The country has also launched a national green hydrogen mission with the aim of producing 5 million tonnes by 2030, positioning India as a global hub for green hydrogen production, usage, and export.
In conclusion, Puri stressed the importance of global partnerships in achieving energy transition, acknowledging the challenges posed by the global energy crisis and emphasising the need for collaborative approaches to optimise resource distribution, technological partnerships, and the sharing of best practises. Compressed biogas, green hydrogen, solar, and wind," he added.