Global Biofuel Market Poised to Double to USD 200 Billion with Biofuels Alliance, Says Hardeep Singh Puri
Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, revealed that the global biofuel market is on track to surge from its current value of USD 92 billion to reach USD 200 billion, largely propelled by the launch of the biofuels alliance.
October 12, 2023. By News Bureau
Puri shared this insight during the inaugural session of the 26th Energy Technology Meet, underscoring India's rapid strides in adopting sustainable energy solutions.
India achieved its 10 percent biofuel blending target for November 2022 five months ahead of schedule, prompting the country to advance its subsequent goal of achieving 20 percent blending by 2030 to 2025.
Puri acknowledged India's proactive approach to tackling energy challenges, emphasising the nation's continuous efforts in pushing the boundaries of sustainability.
Puri noted the initial self-imposed cap of 20 percent biofuel blending, influenced by concerns from automobile manufacturers, had evolved as a result of the increasing availability of 20 percent blended fuel and the establishment of biogas and ethanol plants.
He highlighted India's technological evolution, with a focus not just on electric vehicles but also on flexi-fuel vehicles.
India, the world's third-largest consumer of oil and LPG, and fourth in LNG imports, refining, and the automobile market, is set to significantly contribute to global energy demand growth over the next two decades, with an estimated 25 percent share.
Puri emphasised the significance of platforms like the 26th Energy Technology Meet, calling for increased international engagement to foster dialogues on energy challenges and opportunities.
The event, organised by the Centre for High Technology under the Ministry of Petroleum & Natural Gas, spans three days and is co-hosted by Engineers India Limited and Numaligarh Refinery Limited. It serves as a platform for discussions on energy technologies and their impact on global energy markets.
India's commitment to biofuels and clean energy reflects its dedication to addressing energy availability, affordability, and sustainability, in line with global efforts to combat climate change and transition to greener energy sources.
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