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Biofuels alliance to propel global market to $200 billion: Hardeep Singh Puri
Union minister for petroleum and natural gas Hardeep Singh Puri said the global biofuel market is set to jump from its current value of $92 billion to $200 billion, with the launch of the biofuels alliance.
Speaking at the inaugural session of the 26th Energy Technology Meet here on Monday, Puri emphasized, “However, this is not the end of the story. The real story on biofuels has just started.”
Puri’s address was a testament to India’s swift progress in adopting green and clean energy. “The nation achieved its 10 percent biofuel blending target for November 2022, five months in advance. The subsequent goal of 20 percent blending for 2030 has been preponed to 2025,” he added.
Navigating the triad of challenges in energy – availability, affordability, and sustainability – Puri remarked, “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 measures in adapting to newer blends. “Initially, the 20 percent blend was a self-imposed cap, influenced by automobile manufacturers’ concerns. However, with the current availability of 20 percent blended fuel and rigorous establishment of biogas and ethanol plants, we’re witnessing a paradigm shift,” he said. Citing the recently launched Green Hydrogen Bus by India Oil, the minister accentuated, “Our technological mindset is evolving. We’re not just limited to electric cars; flexi-fuel vehicles are the next frontier.”
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