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World Bank claims damning biofuels production refuted by industry association

After leaked claims by the World Bank that 75 per cent of the increase in food prices is due to rising demand for biofuel, the European Biotech Industry Association (EuropaBio) refutes the claims.

Medicalnewstoday.com has run an article by EuropaBio in which they claim that the World Bank document "downplays poor 2007 harvests, pays no attention to the effects of increased meat consumption in Asia, discounts USDA figures showing that wheat plantings increased in 2007, disregards the impact of increased energy prices on food prices and overlooks the impact of short term export bans and speculation".

EuropaBio claim that using biofuels significantly reduces the cost of producing two billion tons of cereals.

The company quotes a Merrill Lynch report to support their argument for the continued and increased use of biofuels, which they say claims oil prices are 15 per cent lower than they would be without the alternative energy source.

The European arm of the biotech industry association has 81 corporate members operating worldwide, five associate members, six BioRegions and 25 national biotechnology associations representing some 1800 small and medium sized enterprises involved in research.