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India ’ s position as a leader in innovative technology solutions for the production of biofuels is wellestablished globally . GBA stands as a testament to an inclusive approach to solving the global climate crisis .
impact on the industry . Looking Ahead
Pramod Chaudhari
Founder Chairman Praj Industries
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With the global ethanol market being valued at USD 99.06 billion in 2022 , it is predicted to grow at a CAGR of 5.1 % by 2032 and surpass USD 162.12 billion by 2032 . As per International Energy Agency , there will be 3.5-5x biofuels growth potential by 2050 due to Net Zero targets , creating a huge opportunity for India .
Indian public sector Oil Marketing Companies ( OMCs ) have procured ethanol from domestic producers and thereafter blended 433.6 crore litres of ethanol in petrol during the Ethanol Supply Year ( ESY ) 2021-22 and procured 5.83 crore litres of bio-diesel till November , 2022 for blending with diesel during the financial year 2022- 23 . The Oil and Gas Marketing Companies ( OGMCs ) have issued 3694 Letters of Intent ( LoIs ) to potential entrepreneurs for procurement of Compressed Bio Gas ( CBG ) up to 31st October , 2022 .
As India continues its journey towards sustainable development , the biofuel industry stands as a key player in shaping the nation ' s energy future . With the right policies , investments , and public awareness , biofuels can become a mainstream energy source , reducing the environmental impact of energy consumption and contributing to a greener , more sustainable India .
The development of the biofuel industry has also spurred technological innovation and research . Scientists and engineers are working to optimize biofuel production processes , improve crop yields , and enhance the efficiency of biofuel-powered engines . This commitment to innovation not only benefits the biofuel industry but also contributes to the broader field of renewable energy .
By leveraging its agricultural abundance and embracing technological advancements , India has the opportunity to lead the way in the global transition towards renewable energy . The biofuel industry is not just an industry ; it is a catalyst for change , driving India towards a future where energy is not just a commodity but a force for positive transformation .
BIOVOICENEWS . COM 19