Prime Minister Narendra Modi announced the formation of the Global Biofuel Alliance (GBA) during the recently concluded G20 Summit in New Delhi.
The initiative is aimed at increasing the global percentage of ethanol in gasoline blends to 20 percent. IBA said that the alliance could benefit G20 countries from opportunities worth $500 billion over the next three years.
The alliance aims to accelerate the global adoption of biofuels by facilitating technology advancements, intensifying sustainable biofuel utilization, and shaping robust standards. The alliance will act as a central knowledge repository and expert hub, fostering global collaboration for biofuel advancement. Nineteen countries and 12 international organizations have agreed to join the alliance. It is aimed to enhance collaboration between producers, consumers, and interested countries, strengthen biofuel markets, and promote sector standards development.
The International Energy Agency predicts global biofuel production must triple by 2030 to achieve net zero emissions by 2050. India, committed to carbon neutrality by 2070, has advanced its biofuel roadmap, aiming for 20% ethanol blending in petrol by 2025-26.