Biofuel Blending Yields Significant Savings, Boosts India's Energy Outlook

India has achieved a significant milestone in reducing its reliance on imports by implementing biofuel blending, which has saved the country an estimated 91,000 crore rupees annually. The move is also expected to benefit the agricultural sector.

To achieve this goal, the Ministry of Petroleum and Natural Gas has taken steps to ensure that India becomes a leader in biofuel blending globally. Union Minister for Petroleum and Natural Gas Hardeep Singh Puri reiterated that India's determination to increase biofuel blending will help in reaching its target of 20 percent by next year, much ahead of schedule.

Puri also spoke at the launch of the 27th Energy Technology Summit, held in Bengaluru, saying that India is on track to succeed in the goal towards green hydrogen. By leveraging green energy in our refineries, the country aims to achieve its net carbon zero emission target by 2070.

India's energy demand is expected to grow dramatically by 2047, with an astonishing two and a half times increase. Notably, India's crude oil refining capacity has surpassed 400-450 million metric tons per year, accounting for one-third of the global average.

However, Puri stated that doubling efforts will be necessary to meet this ambitious target. He emphasized that energy security, sustainability, and technology innovation must be intertwined in order to achieve its energy sector targets.

During the three-day Energy Technology Summit, which has drawn 1,200 participants with 60 paper presentations, and 23 exhibits showcasing cutting-edge technologies, Puri distributed the Petroleum and Natural Gas Ministry's awards for Best Energy Efficient Technology of 2023-24.