Biofuel Alliance To Expand Global Market To $200 Billion, Says Hardeep Singh Puri

Biofuels Alliance will help grow the global fuel market from its present $92 billion to $200 billion very shortly, according to Minister of Petroleum and Natural Gas Hardeep Singh Puri.

"This is not the end of the story. The real story on biofuels has just started," Puri said at the inauguration of the 26th Energy Technology Meet.

Speaking of India's rapid advancement in the green and clean energy sector, Puri said the target of 20% biofuel blending by 2030 has been advanced to 2025 after the 10% target by November 2022 was attained five months in advance.

The 10% ethanol blending has led to considerable savings on the import bill, and it will only increase with 20% blending, Puri said.

20% Blending Target

India is gradually moving away from the 20% blending constraint, the minister said. He pointed out that this limit was initially imposed because automobile companies indicated that blending within 20% would not require any engine changes.

"But now, we have 20% blended fuel, and the process of setting up ethanol and biogas plants is underway rigorously," he said. The automobile manufacturers are now also moving forward in terms of technological advancements, according to the minister. Giving an example of the recently launched Green Hydrogen Bus by Indian Oil Corp., he said that India is entering a new technological mindset where we have electric cars and other flexi-fuel vehicles.

Energy Demand And Consumption

Addressing the increasing energy demand of the nation, the minister affirmed that India's growing energy demand will serve as the driving force for its future economic expansion, poised to increase exponentially in the years ahead. Presently, India holds the distinction of being the world's third-largest oil consumer, third-largest LPG consumer, fourth-largest LNG importer, fourth-largest refiner, and fourth-largest automobile market, Puri said.

India is likely to account for 25% of global energy demand growth over the next two decades, according to him.

The minister also said that the surest way of determining a country's growth is to look at its energy consumption. And India's energy consumption is three times the global average.

"We should have more gatherings like the Energy Technology Meet and encourage more countries to come and take advantage of all the discussions," the minister said.