Bloomberg — The US and Brazil, two of the world’s largest biofuels markets, are joining an India-led initiative that will aim to boost demand for the lower-emissions energy source.
Members of the International Biofuels Alliance will also campaign for nations to do more to use organic waste to produce the fuel, according to the office of India’s oil minister Hardeep Singh Puri. Further details will be outlined during the three-day India Energy Week forum opening Monday in Bengaluru.
Prime Minister Narendra Modi, who is scheduled to address the conference, has backed the use of alternative fuels and in 2021 brought forward a target to have blended gasoline include 20% ethanol by 2025. The strategy is intended to limit air pollution, trim India’s oil import bill and help tackle a domestic surplus of sugar — used in production of the fuel.
India last week earmarked 350 billion rupees ($4.3 billion) in its federal budget to bolster energy security and support efforts to achieve Modi’s goal of reaching net zero emissions by 2070.
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