New Delhi: G-20.India has launched the Global Bioenergy Partnership (GBA), an initiative aimed at developing an alliance of Governments, international organizations, and industry to promote the adoption of biofuels.
The GBA will bring together the largest consumers and producers of biofuels to drive their development and deployment, positioning them as a key component of the energy transition and contributing to job creation and economic growth.
The announcement of the GBA highlights India’s action-oriented approach as G20 President and its representation of the “Voice of the Global South.” The GBA will offer capacity-building exercises, technical support, and policy lessons-sharing to support the worldwide development and deployment of sustainable biofuels.
It will also facilitate the development, adoption, and implementation of internationally recognized standards, codes, sustainability principles, and regulations to incentivize biofuels adoption and trade. The initiative will benefit India in multiple ways, strengthening its global position and providing additional opportunities for Indian industries to export technology and equipment.
It will also accelerate India’s existing biofuels programs, contributing to increased farmers’ income, job creation, and overall ecosystem development. The global ethanol market is predicted to grow at a CAGR of 5.1% by 2032, surpassing USD 162.12 billion by 2032, with 3.5-5x biofuels growth potential by 2050 due to Net Zero targets, creating a significant opportunity for India.
Nineteen countries and twelve international organizations have already agreed to join the GBA, including G20 countries Argentina, Brazil, Canada, India, Italy, South Africa, and the USA. The GBA members constitute major producers and consumers of biofuels, with the USA, Brazil, and India contributing about 85% share in production and about 81% in consumption of ethanol.