Biofuel alliance can generate opportunities worth $500 bn
It can be a win-win situation for G20 countries and the environment in the next 3 years, says Indian Biogas Association (IBA) study
New Delhi: Biofuel alliance can generate opportunities worth $500 billion in the next three years for G20 countries, according to Indian Biogas Association (IBA).
Biofuel alliance can be a win-win situation for G20 countries and the environment, IBA said. According to a study by the IBA, the biofuel alliance can generate opportunities worth $500 billion in the next three years for G20 countries. The findings of the study assume significance as India is currently hosting the G20 leaders’ Summit in New Delhi. Biogas can generate an opportunity of $200 billion, considering the least investment required, compared to other energy generation options and easy availability of raw materials, it stated. Bioenergy/Biogas, in principle, has the potential to replace fossil fuels completely, especially to decarbonize the transport sector, it pointed out. In 2016, the G20 adopted a voluntary action plan on renewable energy, which committed members to increase the share of renewable energy in their energy mix. India significantly increased its share of renewable energy in the overall energy mix and grew at a CAGR of roughly 22 per cent in the last six years. India has ramped-up solar energy 20-fold in the last decade. During this period, solar energy and wind energy roughly grew at a CAGR of 38 per cent and 30 per cent, respectively.
It stated that an initial investment of $100 billion in financial support will be required to trigger the biofuel industry, five billion for each G20 partner in the next three years. This anchor investment will have further multiplier effects on private investments and the production of biofuels, especially biogas. Creating a favorable regulatory environment in the G20 countries and sharing technological advancements will be key to the success of this biofuel alliance, it stated. Promoting international cooperation through best practices followed across G20 nations will be key to the success of the biofuel alliance, it opined. The transfer of machinery and equipment within G20 partners must be made easy for the success of the biofuel alliance. This will help G20 nations reduce their dependence on fossil fuels.
