PM Modi launches Global Biofuel Alliance
Summit and Conference
5 min read
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.
Aim of the Global Biofuel Alliance
- The GBA will support worldwide development and deployment of sustainable biofuels by offering capacity-building exercises across the value chain, technical support for national programs and promoting policy lessons-sharing.
- It will facilitate mobilizing a virtual marketplace to assist industries, countries, ecosystem players and key stakeholders in mapping demand and supply, as well as connecting technology providers to end users.
- It will also facilitate development, adoption and implementation of internationally recognized standards, codes, sustainability principles and regulations to incentivize biofuels adoption and trade.
Possible benefits of the Global Biofuel Alliance for India
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.
- The focus on collaboration between the Global Biofuel Alliance to increase the production of biofuels will lead to demand for equipment and technology for its production.
- India being a leading producing country of biofuels in the world is likely to get a sizable order from other countries.
- It will lead to a growth in employment opportunities and boost the income of the farmers.
Members of the Global Biofuel Alliance
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.
