New Delhi- In a highly anticipated move, Prime Minister Narendra Modi is poised to inaugurate the long-awaited Global Biofuels Alliance during the forthcoming G20 summit, according to sources privy to the matter.
This prestigious alliance, with India, the United States, and Brazil as its founding members, has attracted keen interest from 19 nations, both within and outside the G20 consortium. However, achieving a consensus among all G20 member nations has proven elusive, with China, Saudi Arabia, and Russia, prominent oil producers, opting not to join.
With a strategic eye on the Organization of the Petroleum Exporting Countries (OPEC) and its associated nations, notably Saudi Arabia and Russia, the Indian-conceived alliance is positioning itself as a global platform aimed at stimulating demand, facilitating technology transfer for biofuel production, and bolstering international trade.
The International Energy Agency (IEA) estimates that global biofuel production must triple by 2030 to align with the trajectory of achieving net-zero emissions by 2050.
