New Delhi, June 26 (KNN) The Global Biofuels Alliance which is one of the priorities under India’s G20 Presidency will be launched in July 2023, as per a joint statement issued by India and the US.

The Alliance will work in collaboration with and complement the relevant existing regional and international agencies as well as initiatives in the bioenergy, bioeconomy, and energy transition fields.

It will also include the Clean Energy Ministerial Biofuture Platform, the Mission Innovation Bioenergy initiatives, and the Global Bioenergy Partnership (GBEP).

Both the countries have also agreed to set up first multibillion investment fund in an effort to achieve their net carbon zero and clean energy transition.

The multibillion dollar investment platform will provide catalytic capital and de-risking support for such projects, said the joint statement.

These developments have been materialised after Prime Minister Narendra Modi’s visit to the US last week.

The two nations have further agreed to work together on various new-age fuels and technologies in the green energy space.

With this India has also become US’s newest partners in the Mineral Security Partnership to boost development of a diverse and sustainable critical energy minerals supply chain.  (KNN Bureau)