Global Food Prices Soaring As Demand For Biofuels Continues To Climb

As many of the world's governments continue pushing to a greener future, the energy transition is colliding with another challenge facing the world as it struggles to emerge from the pandemic: skyrocketing food prices. Many energy companies plan to increase their biofuel capacity by 2030, mainly using crops like corn and soybean oil as a major feedstock.

  But such a move is driving price inflation for a host of commodities and vegetable oils, including palm oil, canola and soybean oil. Meanwhile, corn, oil, copper, and gasoline futures prices…