Minister brings forward 20% biofuel blending target to 2025
The process of setting up of ethanol and biogas plants as part of green energy is underway rigorously, the Petroleum & Natural Gas Minister Hardeep Singh Puri has told the 26th Energy Technology Meet (ETM) on 10 Oct 2023.
“The automobile manufacturers are also moving forward in terms of technological advancements,” he said, adding, “We are going into new technological mindset, we have electric cars and other flexi-fuel vehicles.”
India’s energy demand will continue to provide fuel for future economic growth and is bound to grow exponentially in the coming years, he underlined.
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, Puri sees the global biofuel market growing to US$200 billion shortly, up from US$92 billion at present.
He added, “The 10% ethnaol blending has led to considerable savings on the import bill.”
The Minister is accelerating and bringing forward the target of 20% biofuel blending target to 2025 from 2030.
The 10% target on biofuel blending was attained by November 2022, or 5 months in advance of the original deadline, he said, giving an update on the fast progress made by India in green and clean energy sector.
Pointing out that India’s energy consumption is 3 times of the global average, he called on the global stalwarts to participate in discussions on the Indian energy sector.
The Centre for High Technology (CHT), under the aegis of the Ministry of Petroleum & Natural Gas, organized the 26th Energy Technology Meet. Fiinews.com
