Shortage of cooking oil looms as biofuels gain global appeal - BNN Bloomberg

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Shortage of cooking oil looms as biofuels gain global appeal - BNN Bloomberg
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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.

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