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.

Key Takeaways

Biofuels are witnessing rising demand from PSUs and private players as India looks to cut its fossil fuel usage to 40% by 2030
The government wants to cut down oil imports significantly through its 'waste-to-energy' mission, which includes increased domestic production of biofuels from agri-waste
The National Policy on Biofuels is a shot in the arm for biofuels startups, with large enterprises knocking at their doors to tap into the farm-to-fuel ecosystem
As India Inc rushes to meet its own sustainability goals, investments in this sector are estimated to grow 83% to $16.5 billion this year

‘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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