Panaji, Feb 7 (KNN) In a significant announcement at the second edition of the India Energy Week (IEW), Prime Minister Narendra Modi revealed that the Global Biofuel Alliance (GBF) has expanded its membership to 22 countries, promising to bolster biofuel consumption and unlock economic opportunities worth approximately USD 500 billion.

During his keynote address, Modi emphasised India's commitment to a circular economy, deeply rooted in tradition and closely intertwined with the energy sector.

Launched at the G20 Leaders Summit in New Delhi last year, the GBF has garnered widespread support from nations and institutions globally, with 22 countries and 12 international organizations already joining its ranks.

"The alliance has galvanised nations, organisations, and industries alike. With swift momentum, it has amassed significant backing. This collective effort will not only promote global biofuel usage but also unleash economic prospects valued at around USD 500 billion," remarked Prime Minister Modi.

Highlighting the success of ethanol blending with petrol, which reached over 12 per cent last year, Modi noted its role in curbing 42 million tonnes of carbon emissions.

Underlining the significance of IEW in fostering collaboration on energy availability and security, Modi described it as a platform embodying India's collaboration with and dedication to the global community.

India, the world's third-largest consumer of crude oil and LPG, is vigorously investing in bolstering its energy infrastructure.

The government aims to increase the share of gas in the primary energy mix from 6 per cent to 15 per cent in the next 5-6 years, necessitating an investment of USD 67 billion.

As industrial and household energy consumption surges, India is gearing up to meet the escalating demand, projected to double by 2045 to 38 million barrels per day from the current 19 million barrels.

During the IEW event, Modi inspected India's first indigenous alkaline electrolyser, developed jointly by Bharat Petroleum Corporation (BPCL) and Bhabha Atomic Research Centre (BARC), marking a milestone in the nation's energy innovation landscape.

Welcoming delegates, Oil Minister Hardeep Singh Puri underscored IEW's crucial role in addressing global energy challenges, boasting a record turnout with 900 exhibitors, 35,000 attendees, and participation from 350 global companies and ministers from 15 countries.

With an extensive lineup of speakers, technical sessions, and presentations, IEW 2024 promises to be a dynamic platform fostering innovation and collaboration in the energy sector.

(KNN Bureau)