Biofuels demand pushes up global food import bills

07 June 2007 17:19  [Source: ICIS news]

LONDON (ICIS news)--Increasing demand for biofuels is pushing up global food import bills, the Food and Agriculture Organisation of the United Nations (FAO) warned in its latest Food Outlook report on Thursday.

 

The cost of imported course grains and vegetable oils – essential biofuel feedstocks – has risen by up to 13% since last year, the report said.

 

As a result, global imported food expenditure is expected to be more than $400bn (€297bn) in 2007, a 5% increase on last year.

 

Developing countries will be hit hardest, according to the FAO. The report predicts a 9% increase in overall food import expenditures in these countries this year.

 

The report comes on the same day that leaders of the G8 nations reached an agreement on climate change at the summit in Germany.

 

The promotion of biofuels is one of US President George Bush’s key strategies for reducing carbon emissions in the US.

By: Charles Shaw
+44 20 8652 3214

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