Hardeep Singh Puri, Minister of Petroleum and Natural Gas as well as Housing and Urban Affairs, India will demonstrate to the world a fresh approach to biofuels through the Global Biofuels Alliance. It will assist boost India's position internationally as a concrete result of the G20 leadership, according to Puri. The Minister stated his opinions in a series of posts on the social media site "X," noting that this initiative will unquestionably lessen the reliance on fuel and diesel around the world.
The Global Biofuels Alliance (GBA) was introduced by Prime Minister Narendra Modi on the margins of the G20 Summit in New Delhi. Twelve international institutions and as many as 19 nations have already decided to join the alliance. During the launch, there were representatives from Singapore, Bangladesh, Italy, the USA, Brazil, Argentina, Mauritius, and the UAE. It is an initiative developed by India to speed up the use of biofuels.
Hardeep Singh Puri, the forward-thinking Global Biofuels Alliance, which is backed by the G20 and energy-related international organisations like the International Energy Agency (IEA), International Civil Aviation Organisation (ICAO), World Economic Forum (WEO), and World LPG Association among others, will strengthen international trade in biofuels and promote best practises, enabling the members to successfully address the Energy Quadrilemma.
Puri, India will save roughly Rs 45,000 crore and 63 million tonne of oil annually by implementing E20 by 2025. E20 gasoline is a mixture of 20% ethanol and the remaining fuel from fossil sources. Although it was introduced gradually this year, 20% mixed fuel has already been made widely available in India. This is likely to happen in two years. It is noteworthy that the government pushed back the deadline for E20 fuel from 2030 to 2025.
The market for ethanol was estimated to be worth USD 99.06 billion in 2022; by 2032, it is expected to reach USD 162.12 billion after expanding at a CAGR of 5.1%. According to the International Energy Agency (IEA), due to Net Zero ambitions, there would be a great opportunity for India to increase its biofuel industry by 3.5–5 times by 2050.