New Delhi : India’s Prime Minister Narendra Modi may launch the Global Biofuels Alliance at the G20 summit on September 9, two people aware of the development said, reported Live Mint.
The alliance, which is being conceptualized by India, will have the United States and Brazil as its founding members. It has received interest from 19 other countries, including some from outside the G20.
The alliance aims to boost demand and technology transfer for the production of biofuels and to enhance trade. It is seen as a way for India to cut its import dependence on fuel and to reduce its carbon emissions.
China and oil producers Saudi Arabia and Russia have decided not to be part of the alliance.
Mint has reported that the alliance is expected to be launched by Prime Minister Narendra Modi on Saturday evening.
India has committed to achieving carbon neutrality by 2070 and has an ambitious biofuel roadmap. The government has advanced its target to achieve 20% ethanol blending in petrol by 2025-26 from an earlier target of 2030. The target of petrol supplies with 10% ethanol blending was achieved in June last year, ahead of the original schedule of November 2022.