India to showcase biofuels at COP28 summit

India intends to showcase the Global Biofuels Alliance (GBA) at the upcoming UN Climate Conference (COP28) in the UAE.

Launched with India, the US and Brazil as its founding members at the G20 Summit held in New Delhi in September, the GBA has rapidly expanded, drawing participation from 22 countries.

Despite its growth, the alliance has set its sights on garnering support from OPEC+, facing the challenge of securing backing from Saudi Arabia and Russia.

As part of its advocacy efforts, the Indian government plans to light up the Burj Khalifa with the “GBA” emblem, two informed government sources told the newspaper.

The momentum for biofuels is gaining traction as the global ethanol market is projected to grow at a compound annual growth rate (CAGR) of 5.1% to $162.12 billion by 2032 from $99.06 billion in 2022.

GBA founders, the US (52%), Brazil (30%) and India (3%), contribute 85% to ethanol production and account for 81% of consumption.  COP28 will be held from November 30 to December 12, 2023, at the Expo City Dubai.