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Page added on June 16, 2008
A closer look at the biofuels future
In the flood of media attention that biofuels have received, it is difficult to distinguish the facts from the fanfare. Generally made from corn, sugarcane, soy and other crops, biofuels for powering automobile engines have been hailed as a panacea that will arrest global climate change, reduce dependence on fossil fuels, ensure energy security and turbocharge agricultural economies. Yet biofuels have also been denounced by critics who claim they will do more harm than good.
To determine who is right, we spoke to dozens of experts in government, corporate, academic, and non-profit organisations. Based on this research, we explored the truth of prevalent assumptions regarding both biofuel’s promise and its impact on markets and the environment.
Perception: Substituting biofuels for petroleum will substantially reduce greenhouse gas (GHG) emissions.
Reality: At least in the short term, biofuels offer minimal GHG benefits.
[…]
Perception: Biofuels are not economically viable.
Reality: Biofuels offer a competitive alternative.
[…]
Perception: Global energy markets are so vast that biofuels cannot hope to alter the balance of petroleum supply and demand.
Reality: If agricultural supply expands at historical rates, biofuels can make a significant contribution to the transportation fuel.
[…]
Perception: Biofuel crops will crowd out food crops, driving food prices up.
Reality: If crop yields and agricultural productivity improve at historical rates, future food prices need not be higher than they are today.
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Perception: Biofuel development robs water-stressed countries of their most precious natural resource.
Reality: Although biofuel development does place additional strain on water resources, there are major agricultural zones in the world that suffer water scarcity regardless.
[…]
Perception: Government mandates and subsidies provide the necessary foundation for the development of the biofuel industry.
Reality: Government intervention can trigger unintended consequences, negating the intended benefits of biofuels.
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