The G20 leaders yesterday launched the much-awaited Global Biofuel Alliance (GBA), a grouping of more than 30 countries and international institutions, to facilitate adoption of biofuels, thereby unlocking bioenergy access in emerging economies.
“The launch of 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,” Prime Minister Narendra Modi said after launch of the India-led initiative.
Besides, the G20 New Delhi Leaders’ Declaration also makes specific mention of the Presidency’s initiative of setting up a Global Biofuels Alliance.
“Recognise the importance of sustainable biofuels in our zero and low-emission development strategies, and note the setting up of a Global Biofuels Alliance,” the declaration said.
The GBA announcement showcases the action-oriented nature of India’s positive agenda as G20 President and representing the ‘Voice of the Global South’’, the Ministry of Petroleum and Natural Gas said.
Oil Minister H S Puri on X (formerly Twitter), said the world’s quest for cleaner and greener energy gains historic momentum.
“My sincere gratitude to HE @SecGranholm US Secretary of @ENERGY; HE @asilveiramg Energy Minister of Brazil; & Dr Evandro Gussi President & CEO of UNICA Brazil for germinating the seeds of forming Global Biofuels Alliance,” he tweeted.
The GBA members include 19 countries and 12 international organisations. The G20 member countries supporting the alliance include Argentina, Brazil, Canada, India, Italy, South Africa and the US.
While the four G20 Invitee countries supporting GBA are Bangladesh, Singapore, Mauritius and the UAE. Similarly, the eight non-G20 countries are Iceland, Kenya, Guyana, Paraguay, Seychelles, Sri Lanka, Uganda and Finland.
International organisations include the World Bank, Asian Development Bank, World Economic Forum, World LPG Organisation, International Energy Agency, International Energy Forum, International Renewable Energy Agency and World Biogas Association.
GBA Members constitute major producers and consumers of biofuels. USA (52 per cent), Brazil (30pc) and India (3pc), and contribute about 85pc share in production and about 81pc in consumption of ethanol.
The global ethanol market was valued at $99.06 billion in 2022 and is predicted to grow at a CAGR of 5.1pc by 2032 and surpass $162.12bn by 2032.
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.