logo
menu

Bank backs biofuel development in India

Financial assistance to be given
Financial assistance to be given
The Asian Development Bank (ADB) has approved a $2.5 million (€1.9 million) technical assistance package to support advanced biofuel development in India.
The grant is funded from the Asia Clean Energy Fund, financed by the Government of Japan under the Clean Energy Financing Partnership Facility, and the Republic of Korea's e-Asia and Knowledge Partnership Fund.
In a statement, ADB said the assistance will support development of advanced bioethanol and biodiesel plants.
"This renewable energy will lower net greenhouse gas emission without threatening food security. India has a massive amount of waste, but crop burning causes severe air pollution. If agricultural waste can be collected effectively as feedstock for biofuels, its sales will be able to supplement rural farmers' income and negate the need to burn crop waste," the statement said.
The advanced biofuels can provide simultaneous solutions to address energy security, waste recycling, climate change, and air pollution reduction.
The statement added: “The ADB's technical assistance will help address these obstacles and prepare for advanced biofuels' commercial application and large-scale production.”
To boost advanced biofuel investments, ADB will collaborate with the Ministry of Petroleum and Natural Gas, the Oil Industry Development Board, and public financial institutions, such as the Indian Renewable Energy Development Agency and the National Bank for Agriculture and Rural Development.
ADB will also work with public oil companies, including the Indian Oil Corporation Limited and the Hindustan Petroleum Corporation Limited, it added.
Financial assistance to be given