New Delhi [India], October 14 : Hardeep Singh Puri, Minister for Petroleum & Natural Gas, said that India has been revising its blending targets due to forward-looking, responsive policies, which have enabled the industry to surpass its previous target of 10 per cent blending five months ahead of schedule.
Speaking at the "12th CII Bioenergy Summit 2024" in New Delhi on Monday, Puri expressed confidence and said, "India will achieve its 20 per cent ethanol blending target well before the revised deadline."
Originally set for 2030, the deadline has now been moved to October 2025, following which a roadmap will be developed to outline the sector's future outlook.
Puri also noted that the Indian energy market faces a "trilemma of availability, affordability, and sustainability." However, with strong market forces driving food-stock prices, blending will remain a more viable option.
Citing important updates, Puri shared that forex savings between 2014 and 2024 has increased significantly while mitigation carbon emission during the same period. Crude oil substitution through blending has also been rising increasing farmer income over a period of time.
Puri also mentioned that 400 E100 fuel pumps are now available across four states that is Uttar Pradesh, Maharashtra, Karnataka, and Tamil Nadu, making the country fully prepared for next-generation automobile fuels.
He added, "the sector's technology is advancing rapidly, moving from 2G to 4G in the coming years."
Highlighting the significance of India and Brazil, especially in the bioenergy sector, he urged industries from both countries to collaborate more, sharing technology and expertise.
Brazil holds the G20 presidency this year, alongside the Global Bioenergy Alliance. This initiative, currently comprising 25 countries and 12 international organizations, was spearheaded by India during its G20 chairmanship, bringing together the largest biofuel consumers and producers to drive biofuel development and deployment.
The conference also featured His Excellency Kenneth Felix Haczynski da Nobrega, Ambassador of the Federative Republic of Brazil in India. His Excellency underscored the shared challenges faced by India and Brazil due to climate change, which has led to frequent weather anomalies such as floods, affecting food security in both nations.
Echoing the Minister's remarks, the ambassador mentioned that the Global Bioenergy Alliance has called for an inclusive energy transition during its G20 ministerial meetings in Brazil.
This outcome has significant implications for G20 countries, including the goal to triple renewable energy capacity and double the average annual growth rate by 2030.