Maybe it's a good thing that American biofuel plants are filing for bankruptcy protection. According to a previously secret report conducted by the World Bank and obtained by the Guardian newspaper, biofuel production is hugely responsible for the food price crisis. How much? The report - the "most detailed analysis of the crisis so far," in the Guardian's words - says that biofuels caused global food prices to rise by 75 percent. This is much higher than previous estimates. Food Before Fuel estimated a 30 percent influence, and the Guardian says the U.S. government claims that biofuels were responsible for just a three percent rise.
The kicker? The report was finished in April but has been kept secret "to avoid embarrassing President George Bush," the Guardian writes. We wouldn't want that, now, would we?
Requiring ethanol and biodiesel in national fuel supplies helped push costs up, but sugarcane ethanol from Brazil did not play as big a role. All the more reason to bring out the second-gen biofuels as soon as feasible. Read more here.
[Source: Guardian]
The kicker? The report was finished in April but has been kept secret "to avoid embarrassing President George Bush," the Guardian writes. We wouldn't want that, now, would we?
Requiring ethanol and biodiesel in national fuel supplies helped push costs up, but sugarcane ethanol from Brazil did not play as big a role. All the more reason to bring out the second-gen biofuels as soon as feasible. Read more here.
[Source: Guardian]
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