Sugarcane ethanol: Contributions to climate change - BAFF

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Chapter 10 Table 1. Policy responses to rising food prices. Eliminated export subsidies: China eliminated rebates on value-added taxes on exported grains and grain products. The rebate was effectively an export subsidy that was eliminated. Export taxes: China, with food prices still rising after eliminating the value-added tax rebate, imposed an export tax on a similar list of grains and products. Argentina raised export taxes on wheat, maize, soybeans, soybean meal, and soybean oil. Russia and Kazakhstan raised export taxes on wheat. Malaysia imposed export taxes on palm oil. Export quantitative restrictions: Argentina restricted the volume of wheat that could be exported even before raising export taxes on grains. Ukraine established quantitative restrictions on wheat exports. India and Vietnam put quantitative restrictions on rice exports. Export bans: Ukraine, Serbia, and India banned wheat exports. Egypt, Cambodia, Vietnam, and Indonesia banned rice exports. India, the world’s third largest rice exporter, banned exports of rice other than basmati, significantly reducing global exportable supplies. Kazakhstan banned exports of oilseeds and vegetable oils. Early in 2008, importing countries also began to take protective policy measures to combat rising food prices. Their objective was to make high-cost imports available to consumers at lower prices. A partial list of policy changes follows. The following countries reduced import tariffs: India (wheat flour). Indonesia (soybeans and wheat; streamlined the process for importing wheat flour). Serbia (wheat). Thailand (pork). EU (grains). Korea and Mongolia (various food commodities) Subsidizing consumers: Some countries, including Morocco and Venezuela, buy food commodities at high world prices and subsidize their distribution to consumers. Other decisions by importers: Iran imported maize from the United States, something that has occurred rarely – only when they could not procure maize elsewhere at reasonable prices. The policies adopted by importing countries also changed price relationships in world markets. Their policy changes increased the global demand for food commodities even when world prices were already rapidly escalating. Source: Trostle (2008). 236 Sugarcane ethanol
3.4. Other effects • Why are current food prices so high? USD exchange rate developments. World prices are denominated in dollars and the dollar depreciated against most currencies. �e increase in prices in other currencies is therefore much less. Speculation: • In recent months spot and future prices do not fully converge. • Future prices remain higher than prices on spot markets. – Reason for this development: › Most hedging (90%) is Index-hedging, i.e. ‘traditional’ short- and long hedging does not dominate the price development in the future markets. › �us, if everybody expects high prices, then future prices tend to be higher than the spot prices. – So, part of current high prices can be attributed to this ‘bubble’. • Di�cult to estimate the impact of speculation in this story. – �e crises on the �nancial markets are diverting funds away from traditional �nancial institutions leading to a large pool of funds available for investments in other markets. – �ere is de�nitely a impact of speculation in current high prices – Hard to say it makes X %. – Growing volatility in food markets due to the fact that most of hedging is based on index funds and not anymore on the ‘traditional’ short and long hedging. �is share is less than 10% in total market volume. – An example for the current volatility: In the 1st week of March the �uctuation of maize prices was more than 150 USD/t, which is more than last year’s average maize price! • Impact of speculation on current spike in agricultural prices is di�cult to quantify. Figure 10 shows the composition of the maize futures markets broken down between commercial merchants, managed money funds and commodity index traders together with the price development in USD per bushel of maize (right-hand scale). – It clearly shows that not only the ‘speculative’ index and fund hedging but also the increase in short futures by commercial merchants contributed to the dramatic increase in maize future prices. – However, the managed money funds which are mostly pension funds – which diversify their portfolio now also to agricultural commodities – cut down their purchase of additional contracts on long position when prices increased dramatically (Figure 10). – A formal assessment is hampered by data and methodological problems, including the di�culty of identifying speculative and hedging-related trades. Sugarcane ethanol 237
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Sugarcane ethanol Contributions to
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Table of contents Foreword 11 José
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Chapter 8 �e global impacts of US
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Foreword �e use of biofuels as a
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Executive summary Do biofuels help
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Executive summary 12. Projections o
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Chapter 1 Introduction to sugarcane
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Introduction to sugarcane ethanol A
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Introduction to sugarcane ethanol C
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Introduction to sugarcane ethanol F
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Introduction to sugarcane ethanol H
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Chapter 2 Production (million tons)
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Chapter 2 Table 2. Sugarcane produc
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Chapter 2 Harvested area (million h
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Chapter 2 million hectares 8 7 6 5
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Chapter 2 Table 5. Global significa
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Chapter 2 (FAOSTAT, 2008). �e lan
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Chapter 2 indicating that sugarcane
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Chapter 2 and vinasse produced duri
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Chapter 2 • • • • Harvested
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Chapter 2 2.2. AEZ assessment of la
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Chapter 2 The quantified descriptio
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Chapter 2 Table 8 summarizes by reg
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Chapter 2 Table 9. Suitability of u
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Chapter 2 Table 10. Suitability of
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Chapter 2 of bio-diversity and land
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Chapter 2 FAO, 1987. 1948-1985 Worl
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Chapter 2 Smeets, E., M. Junginger,
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Chapter 3 Considering that this deb
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Chapter 3 1,000 ha 9,000 8,000 7,00
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Chapter 3 Another source of data on
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Chapter 3 Figure 3. Different land
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Chapter 3 1-Pastureand crops expans
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Chapter 3 Given that the model is u
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Chapter 3 to the case studies; (d)
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Chapter 3 Mato Grosso do Sul in 200
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Chapter 3 the Pasture class increas
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Chapter 3 Table 5. Number of sugarc
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Chapter 3 of 12.6% from 2001 to 200
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Chapter 3 Table 6. South-Centre: ex
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Chapter 3 4.5. Options for approach
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Chapter 3 states that have lost pas
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Chapter 3 It is important to contex
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Chapter 4 Mitigation of GHG emissio
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Table 1. Basic data: sugarcane prod
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Mitigation of GHG emissions using s
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GHG emission (kg CO 2 eq/m 3 etOH)
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Table 7. Soil carbon content for di
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5. Conclusions Mitigation of GHG em
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Chapter 5 Oil reserves - Gasoline/d
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Chapter 5 in research and developme
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Chapter 5 Table 3. Summary of main
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Chapter 5 3. Environmental indicato
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Chapter 5 Table 4. Carbon stock in
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Chapter 5 3.2. Water Total carbon i
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Chapter 5 3.3. Soil and fertilizers
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Chapter 5 3.4. Management of diseas
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Chapter 5 Table 10. Sugarcane and v
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Chapter 5 in the implementation of
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Chapter 5 Table 11. Continued. Crit
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Chapter 5 Brazilian Government. Lei
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Chapter 5 São Paulo State Governme
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Chapter 6 2. Development of the eth
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Chapter 6 blends by car manufacture
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Chapter 6 Brazil have been roughly
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Chapter 6 Overall there are few di
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Chapter 6 3.2.1. The impact of exis
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Chapter 6 �e use of ethanol in he
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Chapter 6 cropping systems that pro
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Chapter 6 certainty, the supply of
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Chapter 6 De Vries, B.J.M., D.P. va
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Chapter 7 Biofuel conversion techno
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Biofuel conversion technologies �
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Biofuel conversion technologies In
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Biofuel conversion technologies the
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Biofuel conversion technologies Imp
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Biofuel conversion technologies Pro
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Investment costs (Euro/kWth input c
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4.2. Greenhouse gas balances Biofue
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Reduction in CO equivalent emission
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Biofuel conversion technologies �
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Biofuel conversion technologies pot
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Chapter 8 The global impacts of US
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The global impacts of US and EU bio
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Page 187 and 188: Table 1. Change in output due to EU
Page 191 and 192: Forest cover Pasture cover USEU 201
Page 193: The global impacts of US and EU bio
Page 196 and 197: Chapter 9 also risks and serious tr
Page 198 and 199: Chapter 9 Box 2. Bioethanol stoves
Page 200 and 201: Chapter 9 �e highest impact on po
Page 202 and 203: Chapter 9 the increased generation
Page 204 and 205: Chapter 9 o�ers to support the MD
Page 206 and 207: Chapter 9 Price variation (%) 14 12
Page 208 and 209: Chapter 9 Dufey et al., 2007a). Leg
Page 210 and 211: Chapter 9 manufactured directly fro
Page 212 and 213: Chapter 9 in mechanical aid for the
Page 214 and 215: Chapter 9 Table 1. Import tariffs o
Page 216 and 217: Chapter 9 3.8. Improving efficiency
Page 218 and 219: Chapter 9 some minimum transport in
Page 220 and 221: Chapter 9 IEA, 2004. Biofuels for T
Page 223 and 224: Chapter 10 Why are current food pri
Page 225 and 226: Why are current food prices so high
Page 227 and 228: 2.4 Long-term drivers of supply Why
Page 229 and 230: 3.1. Effects on the supply side Why
Page 231: 3.3 Policy responses to rising food
Page 235 and 236: - - - - Why are current food prices
Page 237 and 238: 18 16 14 12 10 8 6 4 2 0 5. The fut
Page 239 and 240: • • • Why are current food pr
Page 241 and 242: 6.1. Policy implications Why are cu
Page 243: Why are current food prices so high
Page 247 and 248: Authors Dr. Marcos Adami, senior re
Page 249 and 250: Keyword index A Africa 204, 205, 20
Page 251: M maize 20, 83, 104, 173, 184, 187,
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Sugarcane ethanol: Contributions to climate change - BAFF

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