G20 Summit 2023: The Global Biofuels Alliance emulates the International Solar Alliance, initiated by New Delhi and Paris in 2015, with the goal of making clean and affordable solar energy accessible to everyone.
New Delhi: India’s proposition to establish a Global Biofuels Coalition is poised for approval at the G20 summit, with indications suggesting that the new alliance might be unveiled this Saturday, aimed at expediting the transition to sustainable energy.
According to sources, a collective photograph of G20 world leaders could occur on the summit’s opening day at Bharat Mandapam, the chosen venue for the two-day event.
The Global Biofuels Alliance, a priority for the world’s third-largest oil consumer during its G20 presidency, resembles the International Solar Alliance (ISA) introduced by New Delhi and Paris in 2015, dedicated to making clean and affordable solar energy accessible to all.
Earlier this month, Prime Minister Narendra Modi, in an exclusive interview with PTI, emphasized how India’s proposal for a global biofuels alliance within the Group of 20 major economies would facilitate the rapid deployment of sustainable biofuels in support of the worldwide energy transition.
“Such alliances are designed to provide opportunities for developing nations to advance their energy transitions,” he stated.
“Biofuels also hold significance in the context of a circular economy. International collaboration across markets, trade, technology, and policy is pivotal in creating such opportunities,” Modi added.
Biofuels, sourced from renewable biomass, are gradually becoming a significant component of India’s energy strategy. India, heavily reliant on crude oil imports (over 85%), is steadily building its capacity to produce fuel from resources such as crop residues, plant waste, and municipal solid waste.
India is on track to increase the ethanol blend in petrol to 20% by 2025, and numerous compressed biogas (CBG) facilities are being established.
The primary focus of the Global Biofuels Alliance is to facilitate collaboration and enhance the use of sustainable biofuels, particularly in the transportation sector. It aims to bolster markets, promote global biofuel trade, share practical policy insights, and offer technical assistance to national biofuel initiatives worldwide.
This initiative is also intended to support India’s transition to alternative fuels, reduce its import bill, and work towards achieving its net-zero carbon emissions goal by 2070.
In contrast, the ISA’s objective is to mobilize over USD 1,000 billion in investments required by 2030 to facilitate extensive solar energy deployment.
The International Energy Agency (IEA) estimates that global sustainable biofuel production must triple by 2030 to align the world’s energy system with the goal of achieving net-zero emissions by 2050.
In 2022, liquid biofuels contributed more than 4% of the total transport energy supply.