India on 9 September launched the much-awaited Global Biofuel Alliance (GBA). The Global Biofuel Alliance (GBA) is an initiative by India as the G20 Chair.
Key points
- It is a grouping of more than 30 countries and international institutions, to facilitate adoption of biofuels, thereby unlocking bioenergy access in emerging economies.
- The moment comes in a month marked by three important events on environment. September 7 marks the International Day of Clean Air for Blue Skies, International Day for the Preservation of Ozone Layer (September 16) and World Environment Health Day (September 26).
- 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 (30 per cent) and India (3 per cent), and contribute about 85 per cent share in production and about 81 per cent in consumption of ethanol.
- 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.
- It will facilitate mobilizing a virtual marketplace to assist industries, countries, ecosystem players and key stakeholders in mapping demand and supply, as well as connecting technology providers to end users.
- It will also facilitate development, adoption and implementation of internationally recognized standards, codes, sustainability principles and regulations to incentivize biofuels adoption and trade.
- Moreover, the alliance will focus on collaboration and will provide additional opportunities to Indian industries in the form of exporting technology and exporting equipment.
About Biofuel
- Biofuel is a renewable source of energy which is derived from biomass. India, which imports over 85 per cent of its crude oil needs, is gradually building capacity to produce fuel from such items as crop stubble, plant waste, and municipal solid waste.
- While India is on schedule to double the mixing of ethanol extracted from sugarcane and agriculture waste to 20 per cent with petrol by 2025, it is also setting up dozens of compressed biogas plants.
- Such an initiative is also aimed at helping India’s transition to alternative fuels and cutting its import bill, as the country seeks to achieve its net-zero carbon emissions goal by 2070.
- 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.
