The Interamerican Ethanol Commission (IEC) held a seminar on biofuels last week in Washington DC.
At the event, IEC co-chairmen – former Florida Governor Jeb Bush, Inter American Development Bank chief Luis Alberto Moreno and Roberto Rodrigues, Brazil’s former agriculture minister – introduced a comprehensive study of biofuels markets through 2020.
According to the IEC, some key findings of the study include: $200 billion in new investment is needed for biofuels to provide 5% of transport energy in 2020; blend mandates have been enacted in 27 of the 50 countries surveyed and 40 have some form of biofuels promotion legislation; there is a need for common global standards for ethanol or biodiesel, international futures contracts, and a reduction in tariff barriers to facilitate the development of global trade.
The commission also announced a new strategic ethanol information campaign. Recognizing that lack of information and misinformation are among the principal obstacles hindering expansion of the ethanol market, the commission views education as key to the success of increased ethanol production and consumption and aims to serve as a clearinghouse for up to date, accurate, and objective information on ethanol. This information will be shared with the general public, policy makers and shapers, industries, and investors.