Synopsis
Puri also rejected theories that biofuel will create food insecurity, saying ethanol can be made from a variety of sources.
By ET Online
Last Updated:
The global biofuel market could be worth $500 billion, Minister of Petroleum and Natural Gas of India Hardeep Singh Puri said today.
Speaking at the Energy Transition Dialogue 2023, Puri said that the biofuel market today is about $92 billion and is going to be $162 billion in two years “but you are potentially looking at $500 billion (market)”.
Puri also rejected theories that biofuel will create food insecurity, saying ethanol can be made from a variety of sources.
Puri said that India needs about 1,000 crore liters of ethanol for 20 per cent blending but it is achievable as India is already producing 600 crore liters of ethanol. Citing production ethanol from agricultre waste in Panipat, the minister said that ethanol could infact a support system for agriculture economy.
The petroleum minister also said that India is currently blending petrol with 12 percent ethanol. “Today, no one is questioning whether we will achieve 20 percent blending by 2025. They are asking if we can go beyond it,” he said.
On green hydrogen, Puri said it is the fuel of the future and will succeed in India. “Green hydrogen will succeed where there is proximity between consumption and production centres,” Puri said.