Global biofuel market will go up from 92 to 200 bn dollars: Hardeep S Puri

by Psu Connect
Date: 11-10-23

India's energy demand will continue to provide fuel for future economic growth and is bound to grow exponentially in coming years: Petroleum Minister Hardeep S Puri

Global biofuel market will go up from 92 to 200 bn dollars: Hardeep S Puri

Talking about the fast progress made by India in green and clean energy sector, Shri Hardeep Singh Puri, the Minister of Petroleum & Natural Gas and Housing & Urban Affairs, said that the 10 percent target on biofuel blending by November, 2022 was attained 5 months in advance, and the 20 percent biofuel blending target of 2030 has been advanced to 2025.

The Minister was addressing the gathering at inauguration of 26th Energy Technology Meet. Speaking on management of 3 challenges in the energy sector i.e. availability, affordability and sustainability, he said, for a start we did not allow our challenge on sustainbaility to deccelerate infact we accelerate.

Speaking about rising energy demand of the country, the Minister said that India's energy demand will continue to provide fuel for future economic growth and is bound to grow exponentially in the coming years. He said that at present the country is world's 3rd largest consumer of oil, 3rd largest LPG consumer, 4th largest LNG importer, 4th largest refiner, 4th largest automobile market.

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

With launch of Biofuels Alliance, Shri Puri, said that the global biofuel market will go up from 92 bn dollars at present to 200 bn dollars very shortly. However, this is not the end of the story. The real story on biofuels has just started. The 10 percent ethnaol blending has led to considerable savings on the import bill and it will increase with 20 percent blending, he stated.

Also slowly and surely, the Minister said that we are shedding this limit of 20 percent as this limit was imposed by us on ourselves because the automobile companies told that up to 20 percent blending not much change is required in engines. But now, he said, we have 20 percent blended fuel, and the process of setting up of ethanol and biogas plants etc. is underway rigourously. The automobile manufacturers are also moving forward in terms of technological advancements. Giving example of the recently launched Green Hydrogen Bus by Indian Oil, he said that now we are going into new technological mindset, we have electric cars and other flexi-fuel vehicles.

Centre for High Technology (CHT), under the aegis of the Ministry of Petroleum & Natural Gas, Govt. of India is organising the 26th Energy Technology Meet (ETM), during 9-11 October 2023 at International Exhibition Cum Convention Centre (Bharat Mandapam), Pragati Maidan, New Delhi with Engineers India Limited (EIL) and Numaligarh Refinery Limited (NRL) as co-hosts.