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 Minister of Petroleum and Natural Gas Hardeep Puri on Wednesday said that to resolve the common concerns of upcoming economies, India is proposing to launch the Global Biofuel Alliance under India's G20 presidency during the Energy Ministerial Meeting in July 2023.

In a meeting with International Energy Agency (IEA) Executive Director Fatih Birol, the minister said that the aim of the Alliance is to implement projects in order to increase the deployment of biofuels and its related technology.

He also thanked IEA for supporting the India led initiative for launch of the Global Biofuel Alliance.

Puri pointed out that reducing technology gaps via advancement in development and deployment of the full range of emerging clean energy technologies requires urgent, collaborative action.

IEA estimated that on the investment front, India needs nearly $150 billion per year in clean energy investment until 2030 to keep on track for its ambitious clean energy transition.

This is three times the current level of annual clean energy investments in India.

Meanwhile, the Petroleum Minister also informed Birol that despite turmoil in the energy sector, India has taken several measures to maintain energy security for its citizens.

"These include diversification of supplies, increase of alternate energy sources like biofuels, CBG, increasing E&P footprint along with focus on domestic production; and meeting energy targets through EVs & Hydrogen," he said.

He further said that, "I understand that IEA is willing to relax certain conditions in respect of India including mandatory eligibility criterion of maintaining crude oil or product reserves equivalent to 90 days of the previous year's net imports."