India, the world's third largest oil importer and consumer, has saved foreign exchange worth Rs 1.06 lakh crore by mixing biofuel in petrol in the last decade. Oil Minister Hardeep Singh Puri said this on Monday. According to PTI news, the Union Minister said at the CII Bioenergy Summit that the blending of ethanol extracted from sugarcane and other biomass in petrol has increased from 1.53 per cent in 2014 to 15 per cent.
moved the target forward
According to the news, Puri said that encouraged by these results, the government has advanced the target of increasing the mix to 20 percent by the year 2025. He said that from 2014 to August 2024, ethanol blending (in petrol) has resulted in foreign exchange savings of Rs 1,06,072 crore, reduction in 544 lakh tonnes of CO2 (carbon dioxide) emissions and replacement of 181 lakh tonnes of crude oil. It has happened.
India will become a leader in bio-dynamism
The government has set ambitious targets for sustainable aviation fuel (SAF), aiming for 1 per cent blending in 2027 and 2 per cent in 2028, making India a leader in bio-mobility. Emphasizing on India's strong economic growth, he said the country will meet 25 percent of global energy demand in the next two decades. Bioenergy will be critical in meeting this demand while advancing climate goals and rural development.
Bio energy market will grow strongly
Currently valued at US$ 44 billion (according to Wood Mackenzie), the minister said the bioenergy market is projected to grow to US$ 125 billion by 2050. If global net-zero targets are achieved, this figure could rise to US$500 billion. More than 750 million tonnes of biomass is available in India, of which about two-thirds is used for domestic purposes such as animal feed and manure fertilizer.
Image Credit: India-Tv.