The aim of the Alliance is to implement projects in order to increase the deployment of biofuels and its related technology…reports Asian Lite News
Minister of Petroleum and Natural Gas Hardeep Puri on Wednesday said that to resolve the common concerns of upcoming economies, India is proposing to launch the Global Biofuel Alliance under India’s G20 presidency during the Energy Ministerial Meeting in July 2023.
In a meeting with International Energy Agency (IEA) Executive Director Fatih Birol, the minister said that the aim of the Alliance is to implement projects in order to increase the deployment of biofuels and its related technology.
He also thanked IEA for supporting the India led initiative for launch of the Global Biofuel Alliance.
Puri pointed out that reducing technology gaps via advancement in development and deployment of the full range of emerging clean energy technologies requires urgent, collaborative action.
IEA estimated that on the investment front, India needs nearly $150 billion per year in clean energy investment until 2030 to keep on track for its ambitious clean energy transition.
This is three times the current level of annual clean energy investments in India.
Meanwhile, the Petroleum Minister also informed Birol that despite turmoil in the energy sector, India has taken several measures to maintain energy security for its citizens.
“These include diversification of supplies, increase of alternate energy sources like biofuels, CBG, increasing E&P footprint along with focus on domestic production; and meeting energy targets through EVs & Hydrogen,” he said.
He further said that, “I understand that IEA is willing to relax certain conditions in respect of India including mandatory eligibility criterion of maintaining crude oil or product reserves equivalent to 90 days of the previous year’s net imports.”
Biofuel mixing
Minister Puri earlier said in the area of biofuel, “we had a target of 20 per cent (petrol mixed with ethanol) biofuel mixing by 2030 but PM Modi has changed the target to 2025 and we will achieve it within the next year”.
“We also reached our biofuel target of 2022, five months before the target.” The minister said, “Compressed bio gas (CBG) is one of our highest priorities. A lot of states have done a great thing and you will see that in the near future, the number (production) will shoot up.”
Talking about the challenges of CBG production, he said, “Everything requires stakeholders — public sector, private sector, state government and the Centre. You require plant and machinery which is freely available. You require capital, feed and then, you require agriculture. Everything is available her now.”
The ministry added, “We will go on this imperative of CBG — the doability of CBG and the practical success of leading there. This needs to be spread across the country.” (IANS/ANI)
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