Biofuel Bonanza: Modi Leads the Charge with $500 Billion Global Alliance

During the second edition of the India Energy Week (IEW), Prime Minister Narendra Modi emphasized the substantial economic potential stemming from the Global Biofuel Alliance (GBF), which has rapidly expanded to encompass 22 member countries. Modi underscored that the GBF's expansion will not only bolster the adoption of biofuels but also generate economic opportunities estimated at around $500 billion.

Highlighting the close nexus between the energy sector and the traditional Indian concept of the circular economy, the Prime Minister lauded the successful inauguration of the GBF during the G20 Leaders Summit in New Delhi last year, noting the widespread backing the alliance has received from nations and institutions globally.

Modi remarked, "The alliance has united countries, organizations, and industries, garnering significant support. Within a brief span, 22 countries and 12 international organizations have joined the GBF. This will stimulate global biofuel utilization and unlock economic opportunities worth approximately $500 billion."

Furthermore, Modi spotlighted the positive ramifications of ethanol blending with petrol, which surpassed 12% last year, resulting in a reduction of 42 million tonnes of carbon emissions.

Emphasizing the importance of the India Energy Week in fostering collaboration among nations and industries to tackle energy availability and security concerns, the Prime Minister stated, "The India Energy Week event is not solely India’s affair but a testament to the sentiment of 'India with the world and India for the world'."

Modi concluded by underlining the significance of collective action in addressing global energy challenges.

News by Rahul Yelligetti