We’ve heard all the rage about biofuels such as ethanol. They’re renewable, cheaper to produce, and much more environmentally friendly than fossil fuels such as crude oil-based gasoline. Investment in biofuels has increased from $5 billion in 1995 to $38 billion in 2005. Some estimates have biofuel investment topping $100 billion by 2010!
I just read an article which provided an interesting perspective on biofuels such as ethanol. Ethanol may in fact increase global warming, inflate food prices, and destroy forests. As we know, ethanol is a corn-based fuel. In order to fill the tank of an ethanol-based SUV, the amount of corn needed in one tank is enough to feed one person for an entire year. As a result of this huge demand on corn, commodity prices are being driven up dramatically, resulting in higher food prices for people around the world. In the U.S. alone, 20% of the crop is diverted to ethanol refineries, resulting in record corn prices.
The increases in corn prices have caused a subsequent chain reaction. Soybean farmers in the U.S. have been switching to corn, resulting in shrinking soybean supplies. With an increase in worldwide soybean demand, Brazilian soybean farmers are expanding into surrounding forests and pastures to meet the growing demand, resulting in deforestation of Brazilian rain forests. In fact, the last half of 2007 saw the loss of 750,000 acres of Brazilian rain forests, which is approximately equal to the area of Rhode Island. As the forests come down, all the carbon they’re storing gets released into the atmosphere contributing to global warming.
Unfortunately, it doesn’t pay to preserve the rain forests. In fact, there are huge economic incentives for tearing down and developing the rain forests, which is why no one sees an end to this cycle any time soon. In addition, politicians, Hollywood stars, and investors have all latched onto the idea of biofuels, failing to see the downstream impacts. I’m not saying fossil fuels are better, but perhaps we should look into ways we can conserve and make sacrifices. Technology may not always allow us to have our cake and eat it too.
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