India’s commitment to combating global warming, highlighted in the ‘Fueling the Future‘ report by Praxis Global Alliance and CCI (Chamber of Commerce & Industry of India), reveals our nation’s proactive stance towards sustainability. With bio-diesel demand surging at a remarkable CAGR of approximately 9 percent and contributing nearly 30 percent of the total biofuel usage, India is making significant strides in reducing its GHG emissions and embracing green fuels.
Unveiled at the Ethanol and Biofuel Conference by Meenakshi Lekhi, Minister of State for External Affairs & Culture at the Government of India, this report underscores the urgent need to limit Earth’s warming to 1.5°C and adopt sustainable, eco-friendly solutions to address the environmental, social, and economic challenges triggered by global warming.
The comprehensive report delves into the potential of biofuels and green hydrogen, exploring their feasibility as substitutes for specific fossil fuels. It also sheds light on the government’s transformative initiatives, offering a well-defined roadmap and financial support to promote biofuel adoption.
India’s efforts to achieve its E10 target in 2022 ahead of schedule and accelerate the timeframe for E20 adoption by 2025 demonstrate our commitment to sustainability. However, there are still challenges to overcome, such as increasing ethanol supply by at least 2.3 times and ramping up biodiesel production and supply by around 60% YoY to meet B5 targets.
While talking about the report, Aryaman Tandon, Managing Partner & Cofounder, Praxis Global Alliance stated, “India, the world’s 3rd most intense GHG producer is embracing eco-friendly solutions to combat against global warming. With the rapid rise in bio-diesel demand coupled with the government’s proactive & transformative initiatives, we are not just reducing GHG emissions; we are fueling a greener, sustainable future for all.”
The report gives a detailed overview of the following points
- 32MMT of GHG emission reduced due to the EBP program – Lower GHG emissions promoting a cleaner environment
- Savings of ~INR 70,000 Cr from reduced crude oil imports – Reduction in import bills and increased self-reliance
- 100+ distilleries established and 5,000 CBG plants to be set up – Accelerating the supply of biofuels and promoting ‘Make in India’
- Payout of ~INR 17,000 Cr to farmers in 2022 – Boosting the rural economy by enabling farmers to procure feedstock
- 75,000+ potential job opportunities – Increased contribution to economic growth and a boost in job opportunities
- Potential to utilize 1.4B litres of used cooking oil – Reducing waste and contributing to the development of a more sustainable energy source