Rich nations should remove biofuel sops to tame food prices
Developed nations should stop paying agricultural subsidies to encourage biofuel production because the payments are making staple foods more expensive, the Asian Development Bank said Monday. Biofuels should also be re-examined by governments around the world as it is increasingly unclear how environmentally friendly they are, said ADB managing director general Rajat Nag in an interview with The Associated Press in Singapore. The production of biofuel leads to forests being destroyed and reduced land area for growing crops for food, he said.