Bjorn Lomborg on Ethanol

http://www.futureofcapitalism.com/2011/03/bjorn-lomborg-on-ethanol

Bjorn Lomborg has a new column up about ethanol and food prices:

Spectators at February's Daytona 500 in Florida were handed green flags to wave in celebration of the news that the race's stock cars now use gasoline with 15% corn-based ethanol....

The United States spends about $6 billion a year on federal support for ethanol production through tax credits, tariffs, and other programs. Thanks to this financial assistance, one-sixth of the world's corn supply is burned in American cars. That is enough corn to feed 350 million people for an entire year...

This year, after a particularly bad growing season, we see the results. Global food prices are the highest they have been since the United Nations started tracking them in 1990, pushed up largely by increases in the cost of corn. Despite the strides made recently against malnutrition, millions more people will be undernourished than would have been the case in the absence of official support for biofuels.

by Editor  |  Mar 10, 2011 at 10:09 am Related Topics:  Energy, Europe receive the latest by email: subscribe to the free futureofcapitalism.com mailing list