G20 Summit Delhi: PM Modi Initiates Global Biofuels Alliance With The US & UAE Among Founding Members
India took a significant step towards addressing global energy and environmental challenges by launching the Global Biofuels Alliance, an initiative aimed at promoting the use of biofuels worldwide. Prime Minister Narendra Modi spearheaded this endeavor during the G20 Summit, where he called upon G20 nations to join the alliance and commit to increasing ethanol blending with petrol to 20 percent globally.
The launch event witnessed the participation of several global leaders, including US President Joe Biden, Brazilian President Luiz Inacio Lula da Silva, Bangladeshi Prime Minister Sheikh Hasina, and Italian Prime Minister Giorgia Meloni. The founding members of the Global Biofuels Alliance include Argentina, Bangladesh, Brazil, Italy, Mauritius, South Africa, the UAE, and the US, with Canada and Singapore serving as observer countries.
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In addition to the biofuels initiative, Prime Minister Modi proposed two other significant environmental initiatives at the G20 Summit. First, he advocated for the creation of a 'G20 Satellite Mission for Environment and Climate Observation,' emphasizing the importance of accurate data for climate monitoring. Second, he urged world leaders to commence work on the 'Green Credit Initiative,' which would likely support projects focused on sustainability and environmental conservation.
Prime Minister Modi emphasized the urgency of energy transition in the 21st century due to the pressing challenge of climate change. He noted that trillions of dollars are required for a comprehensive and inclusive energy transition, with developed countries playing a pivotal role in this effort. Modi also welcomed the positive initiative taken by developed nations in 2023 to fulfill their commitment of providing USD 100 billion annually for climate finance to support developing countries, a promise originally made at the Copenhagen UN climate talks in 2009.
The Global Biofuels Alliance mirrors India's earlier successful initiative, the International Solar Alliance (ISA), launched in 2015 in collaboration with Paris. The ISA focuses on making clean and affordable solar energy accessible to all.
India's push for a global biofuels alliance aligns with its commitment to accelerating the deployment of sustainable biofuels as part of the global energy transition. Biofuels, derived from biomass, offer a renewable source of energy. India, a major oil consumer that imports over 85 percent of its crude oil, has been actively working to increase ethanol blending with petrol, setting a goal to reach 20 percent by 2025. Additionally, the country is establishing numerous compressed biogas (CBG) plants to further diversify its energy sources and promote a circular economy.
In summary, India's launch of the Global Biofuels Alliance, along with its other environmental proposals at the G20 Summit, underscores its commitment to addressing climate change and promoting sustainable energy solutions on a global scale. These initiatives hold the potential to drive meaningful change in the energy landscape and contribute to a more sustainable future.
