G20 summit
The alliance was created at India’s request and is being positioned as a worldwide forum to assist in increasing commerce and demand for the production of biofuels.
Two people familiar with the process indicated on Saturday that Prime Minister Narendra Modi may announce the creation of a Global Biofuel Alliance in conjunction with the G20 Leaders Summit. They said that the announcement is anticipated for today at around 5 p.m.
Few Countries may oppose
The officials are worried that Russia, China, and Saudi Arabia would oppose the action due to their personal agendas and geopolitical considerations.
According to one of them, any such coalition that takes place on a large scale would be opposed by fossil fuel producers like Saudi Arabia and Russia since it would be against their interests.
He continued that China would not want India to take a new initiative in the discussion of climate change.
The move initiated by India, the United States, and Brazil has already garnered expressions of interest from 19 countries, including both G20 and non-G20 countries.
Also read: India Replaced By ‘Bharat’ On Nameplate As Modi Addresses G20 Summit
However, the report claims that not all G20 member nations have come to agreement on the alliance plan.
The alliance, conceptualised at India’s urging and aimed at the Organisation of the Petroleum Exporting Countries (Opec) Plus grouping, of which Saudi Arabia and Russia are both members, is being positioned as a global forum to support boosting demand and technology transfer for the production of biofuels and enhancing trade.
Also read: India Replaced By ‘Bharat’ On Nameplate As Modi Addresses G20 Summit
In an effort to lessen its reliance on fuel imports at a time when the Opec and grouping has resorted to successive output cuts, India is also considering increasing its biofuel production through a variety of sources, according to the Friday report.
