India on Saturday launched the Global Biofuels Alliance with Prime Minister Narendra Modi urging G20 nations to join the initiative with a plea to take ethanol blending with petrol globally to 20 per cent.

The Alliance was launched by Modi along with a host of global leaders including US President Joe Biden, Brazilian President Luiz Inacio Lula da Silva, Bangladesh Prime Minister Sheikh Hasina and Italian Prime Minister Giorgia Meloni on the sidelines of the G20 Summit.

Besides India, the initiating members include Argentina, Bangladesh, Brazil, Italy, Mauritius, South Africa, the UAE and the US, while Canada and Singapore are observer countries.

"The launch of the Global Biofuels Alliance marks a watershed moment in our quest towards sustainability and clean energy. I thank the member nations who have joined this Alliance," the prime minister said.

Earlier, while speaking at the G20 Summit session on 'One Earth', Prime Minister Modi also proposed launching the 'G20 Satellite Mission for Environment and Climate Observation' and urged leaders to commence work on the 'Green Credit Initiative'. "Today, the need of the hour is that all countries should work together in the field of fuel blending. Our proposal is to take an initiative at a global-level to take ethanol blending in petrol up to 20 per cent," he said.

"Or alternatively, we could work on developing another blending mix for the greater global good, one that ensures a stable energy supply while also contributing to climate security," Modi said at the session attended by US President Biden, Saudi Arabia Crown Prince Mohammed bin Salman, and UK Prime Minister Rishi Sunak among others. Prime Minister Modi said energy transition is a significant need for the 21st century world considering the challenge of climate change. He said trillions of dollars are required for an inclusive energy transition and that the developed countries play a very crucial role in this.