BIOFUEL CREATES FOOD PRICE RISES – WORLD BANK WORLD BANK REPORT SAYS BIOFUELS RESPONSIBLE FOR 75% OF FOOD PRICE RISES
August 1st, 2008
BY KEITH NUTHALL
A LEAKED World Bank report has claimed that the biofuels boom is responsible for 75% of the increase in global food prices since 2006, much larger than previously assumed. The European Commission has, for instance, always maintained biofuels are having a slight impact on food prices, pushing them up by as little as 3%. Brussels and the US government have argued that increased demand for food from emerging country economies such as India and China, and bad weather in exporting countries such as Australia and Canada are more responsible. But the ...
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