Context: –
From an Indian perspective, energy security is very important. India is the 3rd largest consumer of crude oil and is heavily dependent on energy imports, which accounts for more than 85% of its energy needs. Biofuels have emerged as an important strategic tool for India, potentially leveraging massive biomass resources as an agricultural powerhouse. Although a still nascent source of energy in the Indian market, both Bioethanol and biodiesel are expected to grow at a CAGR of 5%.
Background:
- GBA was launched by India along with the leaders of Singapore, Bangladesh, Italy, USA, Brazil, Argentina, Mauritius and UAE.
Global Biofuel Alliance (GBA)
- It aims to serve as a catalytic platform, fostering global collaboration for the advancement and widespread adoption of biofuels.
- It will act as a central repository of knowledge and an expert hub.
- Its members are Argentina, Brazil, Canada, India Italy, South Africa, USA, Bangladesh, Singapore, Mauritius, UAE, Iceland, Kenya, Guyana, Paraguay, Seychelles, Sri Lanka, Uganda, and Finland. It also includes international organizations including the World Bank, Asian Development Bank, World Economic Forum, International Energy Agency, etc.
Significance of GBA:
- GBA will ensure a stable supply of eco-fuels and create a virtual marketplace connecting industries, countries, and tech providers, enhancing demand-supply mapping.
- It will facilitate the development, adoption, and implementation of internationally recognized standards, and regulations to incentivize biofuels adoption and trade.
- International Energy Agency (IEA) estimates that global sustainable biofuel production would need to triple by 2030 to put the world’s energy system on track towards net zero emissions by 2050.
- The transport sector is responsible for approximately one-quarter of greenhouse gas emissions.
- It will help raise awareness about biofuels role in reducing greenhouse gas emissions.
Issues/Challenges for GBA:
- There is a lack of consensus on what sustainable fuels are and countries don’t think biofuels are sustainable.
- Developing countries may encounter resistance from developed nations due to concerns about technological secrecy.
- The deployment of biofuels is not accelerating fast enough, especially compared to other renewable resources like solar and wind.
- Limited availability of quality feedstock, effect on food production and prices, changes in cropping pattern, lack of cost-effective technologies, etc. may hamper sustainable production of biofuels.
