Global Biofuels Alliance Aims to Define and Promote Sustainable Biofuels

Global Biofuels Alliance Aims to Define and Promote Sustainable Biofuels

VoM News Desk | September 12, 2023 | 07:04 PM IST | Breaking News | Follow on Google News

Union Petroleum & Natural Gas Minister Discusses India’s Role in the Global Biofuels Alliance. (Union Minister for Housing and Urban Affairs and Petroleum and Natural Gas Hardeep Singh Puri/PTI)!

The recently launched Global Biofuels Alliance will work on defining and specifying sustainable biofuels while fostering international cooperation through a virtual marketplace, according to Union Petroleum & Natural Gas Minister Hardeep Singh Puri. The alliance, established on September 9th, includes 19 countries and 12 international organizations. Minister Puri also mentioned India’s plans to increase its biofuel production.

Biofuels Alliance’s Goals

The Global Biofuels Alliance aims to develop a clear definition of sustainable and green biofuels, addressing technical standards, specifications, testing, and related issues. It seeks to create a supportive framework for the production and trade of biofuels while emphasizing sustainability.

India’s Progress in Biofuel Production

Minister Puri highlighted India’s achievements in biofuel production, citing the growth in ethanol production and biodiesel procurement. India has made significant strides in achieving blending targets, with the current blending rate at 12%. The country has also increased its ethanol production and biodiesel procurement.

Impact and Benefits

The increased focus on biofuels is expected to reduce India’s reliance on fossil fuel imports, resulting in substantial cost savings. In the past nine years, India has saved ₹73,000 crore due to biofuel production, benefiting farmers with ₹76,000 crore. Biofuels also offer environmental advantages by reducing toxicity and air pollution.

Future Plans and International Cooperation

Minister Puri discussed plans to create a virtual marketplace for international cooperation within the biofuels sector. The alliance’s efforts to promote biofuels align with India’s energy transition goals and contribute to the fight against climate change. While some countries, including Saudi Arabia and Russia, have not yet joined the alliance, Minister Puri emphasized the potential economic benefits and the environmental impact of transitioning to biofuels.

Retail Fuel Prices and Factors Affecting Them

Regarding the reduction of retail fuel prices, Minister Puri noted that various factors influence these prices, including production costs, insurance, and freight. He also mentioned that non-BJP state governments have not reduced the value-added tax on fuel, while the central government has reduced excise duty twice in the last two years.

Green Hydrogen and Policy Focus

Minister Puri expressed the importance of green hydrogen and the government’s commitment to promoting sustainable alternatives. While discussions on the definition of green hydrogen have occurred, the focus remains on advancing the use of green hydrogen to meet energy goals.

The Global Biofuels Alliance aims to shape the future of sustainable biofuels and enhance international collaboration in the field.

VoM News Desk

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