Prime Minister Narendra Modi launched the Global Biofuel Alliance on 9th September 2023 at the 18th G 20 summit meeting in New Delhi .Prime Minister Modi said that the launch of the Global Biofuels Alliance marks a watershed moment in our quest towards sustainability and clean energy.
Biofuel are fuels made from biomass like plant or algae material or animal waste. It is blended with petrol or diesel . The increasing use of Biofuel is seen as one of the options to the world to reduce the consumption of fossil fuels and carbon emission. India has set a target of net zero carbon emission by 2070.
The Global Biofuel Alliance is an India-led Initiative to develop an alliance of Governments, International organizations, and Industry to facilitate the adoption of biofuels.
The global ethanol market was valued at USD 99.06 billion in 2022 and is predicted to grow at a Compounded Annual Growth Rate (CAGR)of 5.1% by 2032 and surpass USD 162.12 billion by 2032.
19 countries and 12 international organsiaton has agreed to join the Global Biofuel Alliance.
They are as follows:
Seven G 20 countries which have joined the alliance are Argentina, Brazil, Canada, India. Italy, South Africa,.USA
Four G 20 invitee countries which have joined the alliance are Bangladesh, Singapore, Mauritius, United Arab Emirates
Other countries who have joined the alliances are Iceland, Kenya, Guyana, Paraguay, Seychelles, Sri Lanka, Uganda and Finland
12 International Organisation which has joined Global Biofuel Alliance are as follows:
World Bank, Asian Development Bank, World Economic Forum, World LPG Organization, UN Energy for All, UNIDO, Biofutures Platform, International Civil Aviation Organization, International Energy Agency, International Energy Forum, International Renewable Energy Agency, World Biogas Association.