PM Narendra Modi: Biofuel Pact to Create $500 Billion Economic Opportunities

During the second edition of the India Energy Week (IEW), Prime Minister Narendra Modi highlighted the significant economic prospects emerging from the Global Biofuel Alliance (GBF), which has rapidly expanded to include 22 member countries. Modi emphasized that the GBF's growth will not only promote the consumption of biofuels but also create economic opportunities valued at approximately $500 billion.

The Prime Minister stressed the traditional Indian concept of the circular economy, noting its close association with the energy sector. He remarked on the successful launch of the GBF during the G20 Leaders Summit in New Delhi last year, highlighting the widespread support the alliance has garnered from countries and institutions worldwide.

Modi stated, "The alliance has brought together countries, organizations, and industries. It is receiving huge support. In a short time, 22 countries and 12 international organizations have joined the GBF. This will promote global biofuel usage and unlock economic opportunities worth around $500 billion."

Furthermore, Modi highlighted the positive impact of ethanol blending with petrol, which exceeded 12% last year, leading to a reduction of 42 million tonnes of carbon emissions.

The Prime Minister underscored the significance of the India Energy Week in fostering collaboration among countries and industries to address energy availability and security issues.

"The India Energy Week event is not just India’s event but a reflection of 'India with the world and India for the world' sentiment," Modi concluded.

HBL