How ‘Buyofuel’ plans to utilise G20 Global Biofuel alliance to make a pollution free India
To take the environment a step further towards sustainability, an online platform Buyofuel was established. Buyofuel is empowering the biofuel industry with its online green fuel marketplace. The platform is helping to make biofuel accessible and is a one-stop solution for connecting raw materials aggregators, manufacturers, consumers, and waste materials. The company is envisioning to create a platform for trading biofuel-based commodities in a quick, accessible, and secure manner with verified buyers and sellers. With the purpose of ensuring accessibility to biofuels as well as enabling a circular economy and emission-free environment, Buyofuel is successfully bringing sustainability into effect. Mr. Kishan Karunakaran, CEO OF Buyofuel, shares more insights on the same.
1. What is the future vision of Buyofuel especially after the G20 Global Biofuel alliance?
Over the next 3-5 years, Buyofuel is dedicated to making a significant impact by facilitating transactions involving at least 13 million tonnes of biofuels and waste. This initiative is expected to result in the reduction of up to 10 million tonnes of CO2 emissions. By promoting the mainstream adoption of biofuels as a viable renewable energy source, we aim to catalyze the decarbonization of industries not only in India but also globally.
Recognizing that the industrial sector accounts for over 70% of India’s CO2 emissions, we view biofuels as a crucial solution for decarbonizing Indian industries and aiding India in achieving its net-zero objectives.
Additionally, we have ambitious plans for international expansion. Our initial focus will be on Europe, where there is a strong commitment to achieving net-zero emissions. Following, we plan to expand our reach to other high-energy fuel-consuming economies, thereby contributing significantly to global efforts aimed at mitigating climate change.
2. How India could rapidly grow its biofuel usage as an alternative fuel?
The existing regulatory framework creates a favorable atmosphere for biofuels. In recent years, regulatory policies have made it mandatory for industries to replace fossil fuels with biofuels, which has significantly boosted their demand and adoption. To further expedite the widespread acceptance of biofuels among gasoline consumers, we suggest enhancing transparency in the retailing of biodiesel, bioethanol, and bio-CNG. This increased transparency will build trust and facilitate the broader adoption of biofuels on a larger scale.
Also, implementing strict emission regulations for industries that consume large amounts of fuel and establishing an effective carbon credit market in India will play a vital role in expediting the process. By making industries responsible for their emissions and providing incentives for reducing carbon footprint through carbon credits, the adoption of biofuels will be promoted. Additionally, putting in place robust monitoring and enforcement mechanisms to ensure compliance with emission standards will create a fair playing field and stimulate the demand for biofuels. These measures will also drive India’s shift towards a low-carbon economy.
3. What is the future of Biofuels in India?
In the coming years, solid biofuels such as biomass briquettes, pellets, loose biomass, and agricultural waste will play a vital role. This will be supported by the necessity to replace 7-10% of coal and the transition towards an E20-based transportation and mobility economy. The growing demand will result in an increased utilization of waste materials in the biofuel value chain. However, in the long term, Biodiesel, Bio-CNG and green hydrogen will emerge as major contenders. As technology continues to advance, the production costs of Bio-CNG will decrease, making it a more economically viable and environmentally sustainable option for energy consumption. This long-term perspective highlights the shifting dynamics of biofuels.
4. How best do you think the as-of-now unorganized biofuel industry could be used to meet NET Zero by 2070?
The unorganized biofuel industry can be leveraged to meet the NET Zero emissions target by 2070 through a combination of regulations and incentives. Firstly, there needs to be a clear regulatory framework to promote the use of biofuels across all sectors. This framework will help to establish standards for the production, distribution, and use of biofuels, which will be crucial in achieving the NET Zero target. Secondly, incentives should be provided to encourage investment in the development and adoption of new technologies that can improve the production efficiency and reduce the cost of biofuels. Thirdly, the government can encourage the establishment of public-private partnerships to support research and development in the biofuel industry. This will help to innovate new technologies and provide technical assistance, helping small-scale farmers and producers to transition to the production of biofuels. Lastly, there should be a concerted effort to create awareness among the general public about the benefits of using biofuels and the long-term impact.
5. How Biofuel could change the transport sector in India?
The transportation sector in India is responsible for a considerable 60% of the country’s petroleum product imports and ranks as one of the primary sources of CO2 emissions, second only to industrial emissions. As a result, the widespread adoption of biodiesel and bioethanol in India’s transportation sector has the potential to make substantial progress in reducing forex outflows, improving energy security, and most importantly, mitigating carbon emissions. Among all renewable energy sources for transportation and mobility, biofuel emerges as the most suitable option for achieving the net-zero objective. This is due to the significant absorption of CO2 during the growth phase of the raw materials used in biofuel production.
