Explainer: What is the Biofuel Alliance agreed upon by the G20? Petrol and diesel will become cheaper like this - Newztezz Online


Monday, September 11, 2023

Explainer: What is the Biofuel Alliance agreed upon by the G20? Petrol and diesel will become cheaper like this

So that the people of the country can get cheap fuel for progress, India has set targets to mix biofuel in petrol as well as diesel. Therefore, the Global Biofuel Alliance is going to provide a lot of benefits to India.

During the G20 Summit, when the world's biggest leaders gathered in India, India, as the President of the G20, announced the 'Global Biofuel Alliance'. In this, heads of state of 9 countries of the world participated and now India's effort is to make other G20 countries its partners. But what is this 'Global Biofuel Alliance'? How will this help you and reduce your out-of-pocket expenses on petrol and diesel?

India imports most of its petrol and diesel needs. Therefore, he is continuously emphasizing on energy transition i.e. changing the source of energy. Anyway, this is also the current need of the world for circular economy. After forming the International Solar Alliance, this is the second time when India has been successful in bringing big countries of the world together on one platform. Apart from India, the Global Biofuel Alliance includes Argentina, Bangladesh, Brazil, Italy, Mauritius, South Africa, United Arab Emirates (UAE) and America. Whereas Canada and Singapore are currently observer countries.

What is Global Biofuel Alliance?

The contribution of India, Brazil and America is most important in the establishment of Global Biofuel Alliance. Currently, the contribution of these 3 countries in 'Ethanol', the most popular biofuel in the world, is about 85 percent. The initial main objective of this alliance is to promote the mixing of 20 percent ethanol with petrol across the world. Its advantage is to reduce the level of pollution as well as to control the rising cost of fuel.

Apart from this, the work of this alliance is also to promote the use of biofuel, develop it further by taking advantage of technology, decide standards and certification related to biofuel etc. So that a new awareness can be brought about the use of biofuel across the world. This alliance will also become a platform for countries to share their experiences regarding biofuel and will also increase global cooperation for its adoption.

Will the cost of petrol and diesel reduce?

India is constantly trying to reduce its petrol and diesel import bill. It is also focusing on alternative fuels, so that the rapidly growing economy of the country can get momentum. People can get cheap fuel for progress. Therefore, India has set targets to mix ethanol in petrol as well as diesel.

Apart from this, steps have also been taken to promote ethanol pumps across the country, electric vehicles, promoting flex fuel vehicles, promoting hydrogen running vehicles and starting the National Green Hydrogen Mission.

Road Transport and Highways Minister Nitin Gadkari himself has gone to Parliament in a hydrogen car and asked the companies to move forward in this direction. Recently he has also been seen with a flex fuel car. At the same time, other standards have been set for electric vehicle companies including batteries. Electric vehicles are being given preference in the purchase of government vehicles. Policies ranging from vehicle scrapping to battery swapping have also been made. The objective of all this is to make petrol and diesel cheaper and end the country's dependence on imports.

Economy will grow and employment will come

After the formation of the International Solar Alliance, the availability of solar equipment has increased rapidly across the world. This reduced the cost and increased their use among the people. Similarly, the Global Biofuel Alliance is expected to create opportunities worth 500 billion dollars within the G20 countries in the coming 3 years.

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