Financial crisis overshadows biofuel controversy (editorial)

  • 17/10/2008

  • New Age (Bangladesh)

The potential of biofuels as a foreign currency earning sector featured rather strongly at a conference of the non-resident Bangladeshis earlier this year too. According to insiders, the military-controlled interim government has also approved applications and permits for biofuel production. Industry insiders also state that several thousand tonnes of maize have been exported from Bangladesh for biofuel production abroad despite the raging food crisis within the country THE recent Wall Street meltdown is being termed as the greatest financial disaster since the Great Depression. Given the economic turmoil of the developed countries, especially the United States, and the consequent depression that the world is likely to face, the financial crisis appears to have crowded out food crisis. Discussions marking World Food Day on October 16 would perhaps strive to bring back the prevailing food crisis into focus. Similar issues would surely resurface to mark International Day for the Eradication of Poverty which falls on the following day. There are generally three reasons ascribed to the food crisis