Clean Energy

India is knocking at the doors of a biofuel gold rush

Sohini Mitter

February 19, 2024 | 10 Min Read

India’s target is to reach net zero by 2070. But before that, it aims to reduce its CO2 emissions by 1 billion tonnes in five years. With solar energy and EVs finally going mainstream, the next big billion-dollar opportunity lies in biofuels.

‘Energy security’ and ‘energy transition’ might have been two of the most-used phrases at the just-concluded India Energy Week 2024. Even though the annual energy conference drew global oil giants—from Saudi Aramco to Russia’s Rosneft to Malaysia’s Petronas—to the city of Goa, alternate fuels and sustainability dominated India’s discourse.

While outlining the government’s commitment towards India’s net zero targets, PM Modi revealed that the country’s domestic energy requirement is slated to double from its current levels (19 million barrels) by 2045. This makes it imperative for all stakeholders to explore alternative energy resources to meet the demand.

Rising demand aside, the benefits of biofuels are multifold:

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