An increased use of food crops and farm land for biofuel production is already pushing up the prices of certain foods, and they’re expected to keep rising. How much? According to the International Food Policy Research Institute [via AFP] food prices could rise by some 40 to 80 percent if the efficiency of current biofuel production isn’t improved upon.
Holy sticker shock. Joachim von Braun, director-general of the International Food Policy Research Institute, told a group of reporters that governments need to invest in increasing the efficiency of biofuel production or else global food prices will soar. But Von Braun also said that the food price boost could be kept within a range of five to 15 percent if research and development can lead to crop yield improvements.
Whether its government funding or venture funds, there’s no small number of startups raising money to attempt to increase the efficiency of biofuels. Gevo and LS9 are just two that have recently raised money.