Prime Minister Narendra Modi along with the leaders of Singapore, Bangladesh, Italy, USA, Brazil, Argentina, Mauritius and UAE, launched the Global Biofuel Alliance on 9 September 2023, on the sidelines of the G20 Summit in New Delhi.
On the occasion, PM Modi thanked member nations who have joined the Global Biofuels Alliance.
He underlined that the launch of the Global Biofuels Alliance marks a watershed moment in the quest towards sustainability and clean energy.
Sharing a post on X by Union Minister of Petroleum and Energy, Hardeep Puri, the Prime Minister said;
“The launch of the Global Biofuels Alliance marks a watershed moment in our quest towards sustainability and clean energy. I thank the member nations who have joined this Alliance.”
What is Global Biofuel Alliance (GBA)?
GBA is an India-led Initiative to develop an alliance of Governments, International organizations and Industry to facilitate adoption of biofuels.
Bringing together the biggest consumers and producers of biofuels to drive biofuels development and deployment, the initiative aims to position biofuels as a key to energy transition and contribute to jobs and economic growth.
The Alliance intends to expedite the global uptake of biofuels through facilitating technology advancements, intensifying utilization of sustainable biofuels, shaping robust standard setting and certification through the participation of a wide spectrum of stakeholders.
The alliance will also act as a central repository of knowledge and an expert hub.
GBA aims to serve as a catalytic platform, fostering global collaboration for the advancement and widespread adoption of biofuels.
Announcement of the GBA showcases the action oriented nature of India’s positive agenda as G20 President and representing the “Voice of the Global South’’.
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.
How is it beneficial for India?
The initiative will be beneficial for India at multiple fronts. GBA as a tangible outcome of the G20 presidency, will help strengthen India’s position globally.
Moreover, the alliance will focus on collaboration and will provide additional opportunities to Indian industries in the form of exporting technology and exporting equipment.
It will help accelerate India’s existing biofuels programs such as PM-JIVANYojna, SATAT, and GOBARdhan scheme, thereby contributing to increased farmers’ income, creating jobs and overall development of the Indian ecosystem.
The global ethanol market was valued at USD 99.06 billion in 2022 and is predicted to grow at a CAGR of 5.1% by 2032 and surpass USD 162.12 billion by 2032.
As per IEA, there will be 3.5-5x biofuels growth potential by 2050 due to Net Zero targets, creating a huge opportunity for India.
Countries and organizations which have already joined GBA
19 countries and 12 international organisations have already agreed to join.
- G20 countries (07) supporting GBA: 1. Argentina, 2. Brazil, 3. Canada, 4. India 5. Italy, 6. South Africa, 7..USA
- G20 Invitee Countries (04) supporting GBA: 1. Bangladesh, 2. Singapore, 3. Mauritius, 4. UAE
- Non G20 (08) supporting GBA: 1. Iceland, 2. Kenya, 3. Guyana, 4. Paraguay, 5. Seychelles, 6. Sri Lanka, and 7. Uganda have agreed to be initiating members of GBA, and 8. Finland
- International organizations (12): 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.
- GBA Members constitute major producers and consumers of biofuels. USA (52%), Brazil (30%) and India (3%), contribute about 85% share in production and about 81% in consumption of ethanol.
