GLOBAL
BIOFUEL ALLIANCE - INTERNATIONAL
News:
What is driving the
Global Biofuels Alliance? | Explained
What's
in the news?
●
On September 10, on the sidelines of the
annual G-20 summit in New Delhi, an India-led grouping came together to give
impetus to the production and use of biofuels, an alternative to fossil fuels
like petroleum and diesel.
Key
takeaways:
●
The grouping, called the Global Biofuels
Alliance (GBA) would attempt to bring countries together to co-develop,
accelerate technological advances in production processes, and advocate for the
use of biofuels particularly in the transport sector.
●
The three founding members, India, the
U.S. and Brazil, were joined by Argentina, Canada, Italy and South Africa, who
are also G-20 member countries.
Global Biofuel Alliance (GBA):
1. GBA is an
India-led initiative to develop an alliance of governments, international
organizations and industry to facilitate adoption of biofuels.
2.
Bringing together the biggest consumers and producers of biofuels to drive
biofuels development and deployment, the initiative aims to position biofuels
as a key to energy transition and contribute to jobs and economic growth.
3.
The initiating members of the Alliance are India, Argentina, Bangladesh,
Brazil, Italy, Mauritius, South Africa, the UAE and the US. Canada and
Singapore are observer countries.
4.
The Global Biofuels Alliance is aimed at facilitating cooperation and
intensifying the use of sustainable biofuels across sectors, including
transportation.
5.
Its focus is primarily on strengthening markets, facilitating global biofuel
trade, developing concrete policy lesson-sharing and providing technical
support for national biofuel programmes worldwide.
6.
GBA will support worldwide development and deployment of sustainable biofuels
by offering capacity-building exercises across the value chain, technical
support for national programmes and promoting policy lessons-sharing.
7.
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 recognised
standards, codes, sustainability principles and regulations to incentivise
biofuels
adoption and trade.
8.
GBA as a tangible outcome of the G20 presidency, will help strengthen India’s
position globally.
9.
Moreover, the alliance will focus on collaboration and will provide additional
opportunities to Indian industries in the form of exporting technology and
exporting equipment.
10.
It will help accelerate India’s existing biofuels programmes.
11.
The global ethanol market was valued at $99.06 billion in 2022 and is predicted
to grow at a Compound Annual Growth Rate (CAGR) of 5.1 per cent by 2032 and
surpass $162.12 billion by 2032.
National level initiatives for
Biofuel promotion:
·
It will promote the production of biofuels
in the country, under the Make in India program, by units located in Special
Economic Zones (SEZ)/ Export Oriented Units (EoUs).
The GBA is poised to revolutionize the global biofuel industry. India’s leadership in the G20 Presidency highlights the importance of biofuels in achieving energy independence, reducing carbon emissions, and fostering a clean energy transition. The GBA’s detailed roadmap, ambitious targets and initiatives will pave the way for a greener and more sustainable future.