Environmental, Economic and Policy Aspects of Biofuels

 
Foundations and Trends® in Microeconomics
Volume 4 Issue 5

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Environmental, Economic and Policy Aspects of Biofuels

"This review provides a timely summary of the current understanding of the various impacts and contributes positively to the policy debate.

We have several key conclusions: (1) Biofuels are diverse and evolving; (2) Greenhouse gas (GHG) benefits vary significantly across various types of biofuels and are dependent on market conditions and policy situation; (3) Increase in income in the developing world would increase the demand for both food and fuel; (4) A diverse set of policies, which has been introduced or proposed, impacts biofuels directly; and (5) Much of the impact assessments of biofuels thus far are ex-ante estimates based on either optimization or equilibrium models.

The short-term economic impacts of biofuels will depend on a variety of factors such as the harvest in any given year, the oil price, economic growth, strength of the dollar, and level of inventory. The long-term impacts will depend on factors such as investment in technological change, population and economic growth, climate change, and long-term policies toward energy, agriculture, and the environment. The biofuel policy debate is likely to be an ongoing one in the near future.

Source:

Deepak Rajagopal and David Zilberman (2008) "Environmental, Economic and Policy Aspects of Biofuels",
Foundations and Trends® in Microeconomics: Vol. 4: No 5, pp 353-468.
http:/dx.doi.org/10.1561/0700000029

Picture: Creative Commons:Flickr: Jurvetson

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