Prime Minister Shri Narendra Modi along with the leaders of UAE, Singapore, Bangladesh, Italy, USA, Brazil, Argentina and Mauritius, launched the Global Biofuel Alliance on 9 September 2023, on the sidelines of the G20 Summit in New Delhi.
The Global Biofuel Alliance (GBA) is an initiative by India as the G20 Chair. The Alliance intends to expedite the global uptake of biofuels through facilitating technology advancements, intensifying utilization of sustainable biofuels, shaping robust standard setting and certification through the participation of a wide spectrum of stakeholders.
The alliance will also act as a central repository of knowledge and an expert hub. GBA aims to serve as a catalytic platform, fostering global collaboration for the advancement and widespread adoption of biofuels.
Additionally, at the G20 Summit, India, the US, UAE, Saudi Arabia, France, Germany, Italy and the European Union signed a Memorandum of Understanding (MoU) to establish the India-Middle East-Europe Economic Corridor. Biden called it a “game-changing” regional investment. The economic corridor of rail and shipping links aims to bolster trade between India, the Middle East and Europe, a modern-day SpiceRoute to bind regions that account for about a third of the global economy.