Accelerating Green Economy with Vision of Net Zero in 2070, more than Rs 2000 crores are being invested in biodiesel sector in the country in FY-23-24
New Delhi: Green economy is being continuously prioritized by the central government by targeting the vision of net zero in the year 2070. Biodiesel has emerged the key tool for Air pollution mitigation and emphasis is on indigenous feedstock. Finance Ministry notification no. 15/2023 dated 31st march 2023 mandates Biodiesel blending from 1st April 2024. The OMCs and Biodiesel Industry are creating required infrastructure to meet this demand. The Biodiesel demand has seen an average doubling in the last one year and large-scale investment is being made by MSME sector due to anticipated demand by oil companies. Dharamveer Singh Rajpurohit, Vice President of Biodiesel Association of India has indicated that more than 100 new plants will be started in the country within the next one year with an average investment of Rs. 2000 crores.
India's proposal for a global alliance on biofuels at the G20 summit being held in the country aims to boost sustainable biofuels as part of global energy. Sustainable biofuels can increase energy security, open new opportunities for domestic industries and create green jobs. Recently, a new managing committee of Biodiesel Association of India has been formed in which shri SK Mondal has been elected as President, Dharamvir Singh Rajpurohit as Vice President and Brij Shah, Sarad Agrawal & Yatin Saggar as Members.
Newly Elected Vice President of BioDiesel Association of India Mr. Dharamvir Singh Rajpurohit said that, "Sustainable biofuels can increase energy security, open new opportunities for domestic industries and create green jobs. We committed the Government to provide 100 Crore Litre Biodiesel in FY23-24. In the Next 1 Year 100 Plants are coming up in Maharashtra, Delhi, South, Gujarat, Rajasthan and many more and there will be an investment of approx. Rs.2000 crore. E-Diesel Biofuels Pvt Ltd.’s largest biofuel plant in the country at Nadiad (Gujarat) will also see an investment of Rs 150 crore and capacity of Daily 10 lakh litre production to double the production capacity.
BDAI has been supporting the G20 initiative of the Government and participated at Goa, Mumbai and Delhi displaying its commitment to national vision of net zero by 2070. The country's top oil companies like BPCL, HPCL and IOCL have been buying about 5-10 crore Liters biodiesel annually during the pre-COVID era which will now increase multi-folds in near future.
