PM may launch Global Biofuel Alliance at G20 meet on 9 Sep
NEW DELHI: Prime Minister Narendra Modi may launch the much-anticipated Global Biofuels Alliance on 9 September during the upcoming G20 summit, said two people aware of the development.
The marquee alliance with India, the US and Brazil as its founding members has received interest from 19 countries, from the G20 as well as outside it. The proposal for the alliance, however, has not seen a consensus among all G20 member countries, with China and oil producers Saudi Arabia and Russia deciding not to be part of it. With an eye on the Organization of the Petroleum Exporting Countries (Opec)-plus grouping—where both Saudi Arabia and Russia are members—the Indian-conceptualized alliance is being positioned as a global forum to help boost demand and technology transfer for the production of biofuels and to enhance trade.
India is also looking at increasing its biofuel production through varied sources in a bid to cut its import dependence for fuel at a time the ‘Opec+’ grouping has enforced successive production cuts. Earlier reported about India working on a plan to allow biofuel exports and trading, as it sews together a compact for a global biofuels alliance. In 2018, India restricted the import and export of biofuels in a bid to increase domestic capacity.
New Delhi, however, allows exports of biofuels under the Make in India programme by units located in special economic zones (SEZ) and export-oriented units (EoUs). “Global Biofuels Alliance is expected to be launched by Prime Minister Modi on Saturday in the evening,” said one of the two people cited above requesting anonymity.
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