A global biofuel boom is set to drive a shortage of vegetable oils — used for cooking and now increasingly to power trucks and planes — intensifying a debate over food versus fuel.
From the U.S. to Brazil and Indonesia, governments are embracing energy made from plants like soybeans or canola, or even animal fat, to move away from fossil fuels and cut emissions. This has created opportunities for vegetable oils, especially palm oil, an ubiquitous but controversial ingredient found in products like pizza dough, instant noodles, chocolate and shampoo.
With growth in vegetable oil production expected to slow, biofuels could push the global market into a deficit in the second half of the year, according to Thomas Mielke, executive director of Hamburg-based Oil World. This trend is widely expected to benefit palm oil, a product that’s come under scrutiny in recent years amid reports of deforestation and forced labor. With rival oilseeds and vegetable oils being used increasingly in biofuels, some of the demand will spill over to palm, according to James Fry, chairman of Oxford-based agriculture consulting firm LMC International Ltd.
The International Energy Agency has warned that swelling demand for biofuels and a looming feedstock crunch, if not addressed, will undermine the potential for biofuels to contribute to global decarbonization efforts.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Bitcoin thrives in chaos, breaks above US$28,000 for first time since June - BNN BloombergTurmoil in the banking sector, hotter-than expected inflation data, and renewed hopes for a dovish Federal Reserve has Bitcoin reaching levels not seen in about nine months.
Lire la suite »
Why Credit Suisse 'CoCo' bonds are causing anxiety - BNN BloombergThe takeover of Credit Suisse by UBS Group AG included pulling the pin on US$17 billion of CoCos, also known as Additional Tier 1 (AT1) bonds. A legacy of the European debt crisis, they’re the lowest rung of bank debt, producing juicy returns in good times but taking the first hit when a bank runs into trouble.
Lire la suite »
Canada faces US$15B loss on oil pipeline, Morningstar Says - BNN BloombergCanadian taxpayers may end up taking a loss of $20 billion (nearly US$15 billion) on the government-owned Trans Mountain Pipeline after costs to expand it skyrocketed, according to Morningstar.
Lire la suite »
Nordstrom Canada to begin liquidation Tuesday after receiving court's permission - BNN BloombergThe liquidation sales at Nordstrom stores across Canada will begin Tuesday.
Lire la suite »
North American banks OK for now, but recession may be next: Portfolio manager - BNN BloombergA Canadian portfolio manager said he thinks North American banks are in better shape than Europe’s in the wake of the Credit Suisse’s downfall and uncertainty about what’s next in the global financial sector.
Lire la suite »
Zellers opening inside Hudson’s Bay stores in Ontario, Alberta this week - BNN BloombergHudson’s Bay will open the first 12 Zellers locations inside existing Ontario and Alberta department stores this Thursday.
Lire la suite »