G20 Summit: Global Biofuel Alliance & other initiatives launched by India

Global Biofuel Alliance, G20 Satellite Mission for Environment and Climate Observation, and Green Credit Initiative among initiatives launched under India's G20 Summit presidency

Beyond the key points outlined in the New Delhi Leaders' Summit Declaration, India announced several initiatives on Saturday that align with larger global environmental goals.

 

Global Biofuel Alliance

India made a significant announcement by launching the Global Biofuel Alliance and encouraging G20 nations to join this initiative. The initiative was launched in the presence of US President Joe Biden, President of Brazil Luiz Inacio, President of Argentina, Alberto Fernández and Prime Minister of Italy Giorgia Meloni.

 

Prime Minister Narendra Modi called for a global effort to blend ethanol with petrol, aiming for a substantial 20 per cent ethanol blend. This proposal aligns with the global imperative to address climate change while ensuring a stable energy supply. PM Modi highlighted the urgency, stating, "Today, the need of the hour is that all countries should work together in the field of fuel blending."

 

G20 Satellite Mission for Environment and Climate Observation

To strengthen environmental monitoring and climate observation, PM Modi also proposed the launch of the "G20 Satellite Mission for Environment and Climate Observation." This initiative highlights the role of real-time data in understanding and mitigating climate change.

 

Green Credit Initiative

India also put forth the "Green Credit Initiative." PM Modi urged G20 leaders to initiate work on this initiative, emphasising the need for financial mechanisms that support sustainable and environmentally friendly projects. This initiative also aligns with the broader commitment to green development made in the New Delhi Declaration and stresses the pivotal role of financing in achieving larger environmental goals.

 

Recounting key achievements, Amitabh Kant, India's G20 sherpa, stated, "Every single country has come together to focus on green development pact." This includes a focus on reducing global greenhouse gas emissions by 43 per cent by 2030, doubling provisions for adapting finance by 2025, and establishing a Global Biofuel Alliance.

 

The initiatives presented by India align with the commitments made by G20 members.