World Bank: biofuels have increased global food prices 75%

From the Guardian:

 Sys-Images Guardian Pix Pictures 2008 07 03 Corn-460X276

The damning unpublished assessment is based on the most detailed analysis of the crisis so far, carried out by an internationally-respected economist at global financial body.

The figure emphatically contradicts the US government’s claims that plant-derived fuels contribute less than 3% to food-price rises. It will add to pressure on governments in Washington and across Europe, which have turned to plant-derived fuels to reduce emissions of greenhouse gases and reduce their dependence on imported oil.

Senior development sources believe the report, completed in April, has not been published to avoid embarrassing President George Bush. (more…)

Summary from Green Car Congress:

• Rapid income growth in developing countries (e.g., India and China) has not led to large increases in global grain consumption and was not a major factor responsible for the large price increases.
• Successive droughts in Australia have had a marginal impact.
• The EU and US drive for biofuels has had by far the biggest impact on food supply and prices.
• Without the increase in biofuels, global wheat and maize stocks would not have declined appreciably and price increases due to other factors would have been moderate. (more…)

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