iNDICA NEWS BUREAU-
India announced the launch of the Global Biofuels Alliance on the sidelines of the G20 Summit. Nineteen countries and 12 international organizations have agreed to join the alliance, including both G20 members and non-member countries.
The three founding members of the alliance, the US, India, and Brazil contribute about 85% of the global production and 81% of the consumption of ethanol. Prime Minister Narendra Modi launched the alliance in the presence of US President Joe Biden, Brazilian President Luiz Inacio da Silva, Argentinian President Alberto Angel Fernández, Italian prime minister Giorgia Meloni, Bangladesh prime minister Sheikh Hasina on Saturday, September 12. The other G20 member nations that are supporting the initiative are Argentina, Canada, Italy, and South Africa along with G20 invitee countries – Bangladesh, Singapore, Mauritius, and the UAE.
“The Global Biofuel Alliance is an initiative by India as the G20 Chair. The Alliance intends to expedite the global uptake of biofuels by facilitating technology advancements, intensifying the utilization of sustainable biofuels, and 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,” said the Ministry of External Affairs of India in a press release.
The G20 Leaders’ Declaration said that the member countries “recognize the importance of sustainable biofuels in our zero and low-emission development strategies, and note the setting up of a Global Biofuels Alliance”.
The GBA’s focus will be to accelerate the adoption of biofuels, creating new biofuels, setting globally recognized standards, identifying global best practices, and ensuring industry participation. The global ethanol market was valued at $99.06 billion in 2022 and is predicted to grow at a CAGR of 5.1% by 2032 and surpass $162.12 billion by 2032.
The non-G20 nations interested in joining the alliance are Iceland, Kenya, Guyana, Paraguay, Seychelles, Sri Lanka, Uganda, and Finland. 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 are the interested international and multilateral organizations have also expressed willingness to join GBA.
China and oil producers Saudi Arabia and Russia have however kept away from the alliance. With an eye on the Organization of the Petroleum Exporting Countries (Opec)-plus grouping — where both Saudi Arabia and Russia are members — the Indian-conceptualized alliance is being positioned as a global forum to help boost demand and technology transfer for the production of biofuels and enhance trade. India is also looking at increasing its biofuel production through varied sources in a bid to cut its import dependence for fuel at a time when the ‘Opec+’ grouping has enforced successive production cuts.
“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,” Modi commented on social media platform X.
