Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, announced that the global biofuel market is on the verge of a remarkable transformation. It is expected to surge from its current value of USD 92 billion to an impressive USD 200 billion, all thanks to the launch of the biofuels alliance.
Speaking at the inaugural session of the 26th Energy Technology Meet, Minister Puri underlined the significance of this development, stating, “However, this is not the end of the story. The real story on biofuels has just started.”
Minister Puri’s address served as a testament to India’s remarkable progress in embracing green and clean energy. He proudly mentioned that India had already achieved its 10% biofuel blending target for November 2022, a remarkable five months ahead of schedule. What’s more, the subsequent goal of reaching 20% blending by 2030 has been advanced to 2025.
In the context of addressing the triad of energy challenges – availability, affordability, and sustainability, Minister Puri noted, “We didn’t allow our sustainability challenge to hold us back. In fact, we’re constantly accelerating our efforts.”
He further highlighted the nation’s proactive stance in adapting to newer biofuel blends. “Initially, the 20% blend was a self-imposed cap, influenced by concerns of automobile manufacturers. However, with the current availability of 20% blended fuel and the vigorous establishment of biogas and ethanol plants, we’re witnessing a paradigm shift,” he said. He also pointed out that India’s technological horizon is expanding, moving beyond electric cars to embrace flexi-fuel vehicles.
Minister Puri commented on India’s ever-increasing energy demands, stating, “India’s energy requirements are a driving force for future economic growth and are poised to soar in the years ahead.” India currently ranks as the world’s third-largest consumer of oil and LPG and fourth in terms of LNG imports, refining, and the automobile market. He emphasized, “Over the next two decades, India is set to contribute to 25% of the global energy demand growth.”
The minister emphasized that monitoring a nation’s energy consumption provides valuable insights into its growth trajectory. “India’s energy consumption is three times the global average,” he pointed out, advocating for more international platforms for discussions. He encouraged nations worldwide to participate in these dialogues, which are invaluable for shaping the energy future.
The 26th Energy Technology Meet, organized by the Centre for High Technology under the Ministry of Petroleum & Natural Gas, will span three days from October 9 to 11, 2023, at the International Exhibition Cum Convention Centre, Pragati Maidan, New Delhi. The event is co-hosted by Engineers India Limited and Numaligarh Refinery Limited.
