At the United Nations on Friday, Brazil, China, India, South Africa, the United States and the European Commission launched a new project to promote the sustained use and production of Biofuels. According to
news reports, the International Biofuels Forum will meet regularly to help set industry standards and, eventually, work toward the commoditization of biofuels so one day they may be traded, like oil, on the open market.
This seems to be a step in the right direction. So far, biofuels account for only 2% of the world's energy stock. Coordinating the development of these new fuel sources is a worthy endeavor for the world's largest energy consumers. For his part, President Bush traveled to Brazil to
promote cooperation on the production of ethanol, one of the more promising sources of Biofuel.