India to achieve 20% biofuel blending target by February
What's the story
Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, has announced that India will achieve its 20% biofuel blending target by next month.
The milestone comes well ahead of the original 2030 deadline, which was subsequently advanced to 2025.
The announcement was made at the 3rd International Symposium for Thriving Eco-Energy in Mobility by the Society of Indian Automobile Manufacturers (SIAM).
Energy diversification
Minister emphasizes need for diversified energy sources
Puri stressed on India's daily consumption of 5.4 million barrels of crude oil, underlining the immediate necessity to reduce dependence on fossil fuels.
He said, "As our economy grows, our energy requirements are also set to rise. Therefore it is absolutely essential that we reduce our dependence on fossil fuels."
The minister added that 67 million people visiting petrol pumps daily are already benefiting from biofuel-blended fuel.
Environmental impact
Biofuel blending program saves $14.5B, reduces CO2 emissions
Puri emphasized the environmental and economic advantages of the biofuel blending program, which has saved around $14.5 billion in foreign exchange in the last decade.
It has also reduced CO2 emissions by 57.8 million metric tons.
He emphasized that India's energy transition strategy comprises a combination of compressed biogas, natural gas, compressed natural gas (CNG), and electric vehicles (EVs).
Industry impact
Automobile industry's role in India's economic growth
Puri also acknowledged the automobile industry's contribution to India's growth story.
He said, "The automobile industry has also generated around 45 million jobs and has transformed mobility and connectivity across the country."
The minister welcomed recent global developments, including the US lifting oil drilling bans, which could increase India's energy imports from that region.