India saved Rs 1.06 lakh cr in foreign exchange from biofuel blending: Puri

India, world's third largest oil importing and consuming nation, saved Rs 1.06 lakh crore in foreign exchange during last dece by mixing biofuels in petrol, Oil Minister Hardeep Singh Puri said on Monday.

Speaking at CII Bioenergy Summit here, he said percentage of ethanol, extracted from sugarcane and or biomass, blending in petrol has risen from 1.53 per cent in 2014 to 15 per cent.

Encouraged by se results, government has vanced its target to 20 per cent blending for 2025, he said.

"From 2014 to August 2024, ethanol blending (in petrol) has generated foreign exchange savings of Rs 1,06,072 crore, reduced CO2 emissions by 544 lakh tonnes, and achieved crude oil substitution of 181 lakh tonnes," he said.

ditionally, government has set an ambitious targets for Sustainable Aviation Fuel (SAF), aiming for 1 per cent blending in 2027 and 2 per cent in 2028, positioning India as a leer in bio-mobility.

Emphasising on India's robust economic growth, he said country will drive 25 per cent of global energy demand over next two deces.

Bioenergy will be crucial in meeting this demand while vancing climate goals and rural development.

Currently valued at USD 44 billion (as per Wood Mckenzie), minister said that bioenergy market is projected to grow to USD 125 billion by 2050. If global net-zero targets are achieved, this figure could surge to $500 billion, he ded.

India has more than 750 million tonnes of available biomass, with about two-thirds being used for domestic purposes such as cattle feed and compost fertiliser.

International Energy Agency (IEA) forecasts a growth potential of 3.5 to 5 times for biofuels by 2050 due to net zero targets, presenting a substantial opportunity for India.