Prime Minister Narendra Modi on Saturday announced the launch of the Global Biofuels Alliance on the sidelines of the G20 summit.
A total of 19 countries and 12 international organisations have so far agreed to join the alliance, including both G20 members and non-member countries.
India, Brazil and the US are the founding members of the alliance.
The Prime Minister launched the alliance in the presence of the US president Joe Biden, Brazilian President Luiz Inacio da Silva, Argentinian President Alberto Fernández, Italian Prime Minister Giorgia Meloni, and Bangladesh Prime Minister Sheikh Hasina among others.
Apart from India, Brazil and the US, the other G20 member countries supporting the initiative are Argentina, Canada, Italy, and South Africa. Bangladesh, Singapore, Mauritius, and the UAE are the G20 invitee countries.
“Today, the need of the hour is that all countries should work together in the field of fuel blending. Our proposal is to take an initiative at a global-level to take ethanol blending in petrol up to 20 percent. Or alternatively, we could work on developing another blending mix for the greater global good, one that ensures a stable energy supply while also contributing to climate security. In this context, today, we are launching the Global Biofuel Alliance. India invites all of you to join this initiative,” the Prime Minister said while addressing the first session of the G20 Summit in New Delhi.
The three founding members of alliance, the US, India and Brazil contribute to about 85 per cent of the global production of ethanol.
"The launch of the Global Biofuels Alliance marks a watershed moment in our quest towards sustainability and clean energy. I thank the member nations who have joined this Alliance," Modi posted on X.
China and oil producers Saudi Arabia and Russia have however decided not to be a part of the alliance.
With an eye on the Organisation of the Petroleum Exporting Countries (OPEC) --plus grouping -- where both Saudi Arabia and Russia are members.
The new alliance is being positioned as a global forum to help boost demand and technology transfer for the production of biofuels and enhancing trade, and also as an alternative to the OPEC grouping.
India is also looking at increasing its biofuel production through varied sources in a bid to cut its import dependence for fuel at a time when the OPEC+ grouping has enforced successive production cuts.
The G20 Leaders' Declaration released on Saturday said that the member countries "recognise the importance of sustainable biofuels in our zero and low- emission development strategies, and note the setting up of a Global Biofuels Alliance."
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