Global Biofuel Alliance

Why in news?

• The Indian Prime Minister has launched the Global Biofuel Alliance during the G20 Summit in New Delhi.

About Global Biofuel Alliance:

• Global Biofuel Alliance is an India-led initiative to develop an alliance of Governments, International organizations and Industry to facilitate adoption of biofuels.
• It aims to position biofuels as a key to energy transition and contribute to jobs and economic growth.

Features: 

• The alliance will support worldwide development and deployment of sustainable biofuels by offering capacity-building exercises across the value chain, technical support for national programs and promoting policy lessons-sharing. 
• It will also 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.
• 19 countries and 12 international organizations have already agreed to join GBA

Significance of the alliance for India: 

• For India, which is the world’s third-largest consumer of crude oil and depends on imports to meet over 85 percent of its requirement of the commodity, increasing the use of biofuels is a key tool towards two ends: 
  • Reducing dependency on energy imports
  • Limiting the carbon footprint of the country’s rapidly growing energy use.
• The alliance will help accelerate India’s existing biofuels programs such as PM-JIVAN Yojna, SATAT and GOBARdhan scheme thereby contributing to increased farmers’ income, creating jobs and overall development of the Indian ecosystem.

PRACTICE QUESTION:

With reference to ‘Global Biofuel Alliance’, consider the following statements:

1. It was launched during the G20 Summit of 2023 at New Delhi.

2. It works under the aegis of UNFCCC

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

Answer