Global Biofuels Alliance may be a key G20 takeaway under India’s presidency

Source: The post is based on the article “Global Biofuels Alliance may be a key G20 takeaway under India’s presidency” published in TOI on 8th September 2023

What is the News?

The Prime Minister may launch the Global Biofuels Alliance during the upcoming G20 summit.

What is the Global Biofuels Alliance?

Global Biofuel Alliance (GBA) is backed by the US, Brazil and India which are the leading biofuel producers and consumers.

Aim: To facilitate cooperation and intensifying the use of sustainable biofuels, including in the transportation sector. 

– It will place emphasis on strengthening markets, facilitating global biofuels trade, development of concrete policy lesson-sharing and provision of technical support for national biofuels programs worldwide.

Membership: The alliance will have a three-category membership structure bringing together member countries, partner organizations and industries.

What are Biofuels?

Biofuels are derived from a variety of biomass and considered a low-carbon, affordable and sustainable source of energy. 

According to estimates from the International Energy Agency (IEA), global biofuel production would need to triple by 2030 to put the world’s energy systems on track toward net zero emissions by 2050.

The Government of India is pushing biofuels such as ethanol blending of petrol and Compressed biogas (CBG) to reduce the economy’s carbon footprint, dependence on imported oil and raise income of farmers.

India achieved 10% ethanol blending of petrol in June last year and has a target of 25% blending by 2025. 

Under the 2018 SATAT Scheme, 5,000 CBG plants are to be built for an estimated annual production of 15 million tonnes of gas by next year.India currently has a total ethanol production capacity of 947 crore liters.