India to showcase Global Biofuels Alliance at COP28
New Delhi: India plans to showcase the Global Biofuels Alliance (GBA) at the upcoming UN Climate Conference (COP28) in the UAE, one of the world’s leading oil-producing nations. As part of the advocacy, the government also plans to light up the iconic Burj Khalifa with ‘GBA’, said two people aware of the development. The marquee alliance with India, the US and Brazil as its founding members was launched at the G20 summit hosted by New Delhi in September, and has grown rapidly, with a total of 22 countries having agreed to join the GBA.
The alliance has an eye on the Organization of the Petroleum Exporting Countries (Opec)-plus grouping, of which the UAE is a member, but is yet to fInd support from Saudi Arabia and Russia. The plan also involves holding an industry roundtable on what the GBA would mean for the industry. The move also gives a signal to the Opec+ grouping, which has ignored calls by New Delhi to increase production amid record high prices of petroleum products.
Russia, meanwhile, is part of the Opec+ that has been announcing successive production cuts at a time when global economic recovery has been fragile. “We will showcase GBA at COP as advocacy. While we are the latest entrant, we are here and we are actually going to help you in decarbonization.
Also, we will light up Burj Khalifa with GBA. We are looking at booking a slot," said one of the two government officials cited above requesting anonymity. There is a growing traction for biofuels, with the global ethanol market valued at $99.06 billion in 2022 and predicted to grow at a CAGR of 5.1% to reach $162.12 billion by 2032 .
Read more on livemint.com
