India on Saturday announced the launch of the Global Biofuel Alliance and urged G20 countries to join the initiative with a call to take ethanol blending with petrol to 20 percent globally.

Speaking at the G20 summit session on 'One Earth', Prime Minister Narendra Modi also proposed launching a 'G20 Satellite Mission for Environment and Climate Observations' and urged leaders to start work on a 'Green Credit Initiative' .

He said, "The need of the hour is for all countries to work together in the field of fuel blending. Our proposal is to take a global initiative to take ethanol blending in petrol to 20 percent."

"Or alternatively, we can work on developing another mix for broader global well-being, which also contributes to climate security while ensuring stable energy supplies," Modi said at the session. The session was attended by US President Joe Biden, Saudi Arabia's Crown Prince Mohammed bin Salman and UK Prime Minister Rishi Sunak, among others.

The Prime Minister said that in view of the challenge of climate change, energy transition is an important need of the 21st century world.

He said that trillions of dollars are required for an inclusive energy transition and developed countries play a very important role in this.

He said, "India as well as all the countries of the Global South are happy that developed countries have taken positive initiatives this year in 2023. Developed countries have committed USD 100 billion for climate finance for the first time." Has expressed his desire to fulfill his commitment."

At the Copenhagen UN climate talks in 2009, developed countries committed to provide US$100 billion per year by 2020 to support developing countries in combating climate change.

However, wealthy nations have repeatedly failed to meet this commitment.

The Global Biofuels Alliance, which the world's third-largest oil consumer wants to pursue during its presidency of the G20, will join the International Solar Alliance (ISA) run by New Delhi and Paris in 2015 to bring clean and affordable solar energy within reach of all. Reflects.

Earlier this month, Prime Minister Narendra Modi told news agency PTI in an exclusive interview that India's proposal for a global alliance on biofuels among members of the Group of 20 major economies has come in support of the global energy transition. Will help accelerate sustainable biofuel deployment in India.

"The purpose of such alliances is to create options for developing countries to advance their energy transitions," he said.

Modi had said, "Biofuels are also important from a circular economy perspective. Markets, trade, technology and policy, all aspects of international cooperation are important in creating such opportunities."

Biofuel is a renewable source of energy obtained from biomass. India, which imports more than 85 percent of its crude oil needs, is gradually building capacity to produce fuel from commodities such as crop stubble, plant waste and municipal solid waste.

While India plans to double the blending of ethanol extracted from sugarcane and agricultural waste with petrol to 20 per cent by 2025, it is also setting up dozens of compressed biogas (CBG) plants.

The Global Biofuels Alliance aims to facilitate cooperation and accelerate the use of sustainable biofuels across all sectors, including transportation.

Its focus is primarily on strengthening markets, facilitating global biofuels trade, developing concrete policy lesson-sharing, and providing technical assistance to national biofuels programs around the world.

Such initiatives are aimed at helping India adopt alternative fuels and cut its import bill as it looks to achieve its net zero carbon emissions target by 2070.