New Delhi:

Union Minister Nitin Gadkari, in an exclusive interview with NDTV, spoke about the importance of biofuels in reducing world pollution and making India a carbon-neutral nation.

The Global Biofuels Alliance was launched by Prime Minister Narendra Modi at the 18th G20 Leaders’ Summit in New Delhi yesterday. PM Modi called on countries to join the initiative and set a global target of blending 20% ethanol with petrol.

“The Biofuels Alliance is a historic event that will help us reduce world pollution in a major way,” Mr Gadkari said. “Using ethanol in petrol is a major achievement, and it will be especially helpful for farmers, who can now sell their surplus crop to fuel stations.”

India is increasing its ability to produce biofuels, a renewable energy source derived from organic matter. The country imports more than 85% of its crude oil requirements, so it is looking to reduce its reliance on imported oil by producing biofuels from domestic sources.

The Alliance aims to secure the supply of biofuels, ensure their affordability, and promote sustainable production.

Mr Gadkari, the Union Minister for Road Transport and Highways, also spoke about the importance of green hydrogen in India’s future. 

“Green hydrogen is a futuristic vision for India,” he said. “It has the potential to make our automobile sector the number one in the world.”

In 2009, developed countries pledged to provide $100 billion per year by 2020 to help developing countries combat climate change. However, this never materialised. The Biofuel Alliance being agreed when the G20 presidency is with India, the world’s third-largest oil consumer, is therefore seen as a landmark moment for the country that is being hailed as the voice of the Global South.

“The Biofuel Alliance is a win-win situation for Atmanirbhar Bharat. It will help to reduce air pollution, create jobs, and make India a leader in the production and use of biofuels. The alliance is also aligned with India’s goal of becoming a carbon-neutral country by 2070,” Mr. Gadkari told NDTV.

The launch of the alliance coincides with India, the United States, and several major economies announcing an ambitious India-Middle East-Europe Economic Corridor. 

The initiative, seen by many as a potential alternative to China’s Belt and Road Initiative, was jointly announced by PM Modi and the leaders of the United States, Saudi Arabia, the United Arab Emirates, France, Germany, Italy, and the European Union on the sidelines of the G20 summit.

Once completed, the project can serve as a modern-day Silk Road that functioned as the central trade route facilitating economic partnerships, political alliances, and cultural integration across continents. 
 

New Delhi:

The G20 warned on Saturday of significant headwinds and “cascading crises” buffeting the global economy, while saying more pain could be on the way.

“Cascading crises have posed challenges to long-term growth,” said the Group of 20 leading economies, who have been meeting in Delhi.

“With notable tightening in global financial conditions, which could worsen debt vulnerabilities, persistent inflation and geoeconomic tensions, the balance of risks remains tilted to the downside,” it said in a statement.

Many countries are still recovering from the coronavirus pandemic and drastic commodity price surges triggered by Russia’s invasion of Ukraine, while climate change is affecting some of the poorest countries least able to cope.

“Global economic growth is below its long-run average and remains uneven,” the G20 statement said. “The uncertainty around the outlook remains high.”

US Treasury Secretary Janet Yellen said on Friday before the G20 summit that, while “aware of the risks to global growth”, she had “been surprised by the strength of global growth and how resilient the global economy has proven to be”.

“While there are risks and some countries that have certainly been affected, overall, the global economy has been resilient,” she said.

For Yellen, the “most important negative influence is Russia’s war on Ukraine”.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)