T&E study brings back food vs fuel debate
In Belgium, the current scramble for biofuel feedstocks to combat high oil prices could see biofuel consumption globally rise by 30% this year and a staggering 70% by 2030, a new T&E study shows. This risks putting severe pressure on global food prices with vegetable oil prices already at a post-2022 peak. T&E warns governments not to trade a fuel crisis for a food crisis.
Prices for most food commodities – especially vegetable oils – have increased for three consecutive months, repeating the pattern that followed the Russian invasion of Ukraine back in 2022. Since the US-Israeli attack on Iran and subsequent high oil prices, governments including the US, Indonesia and Thailand have brought forward new biofuel blending targets. At the same time, export powerhouses like Brazil and Indonesia are limiting the exports of key biofuel crops.
Category: Fuels
