Eric Watkins
Senior Correspondent
LOS ANGELES, Mar. 5 -- The US and Brazil have announced the creation of an international forum to promote biofuels as a globally traded commodity.
"We think this is a huge step forward in the development of a new international understanding of energy," said Thomas A. Shannon, assistant US secretary of state for Western Hemisphere affairs. "By working together we will be able to identify ways to help countries with agricultural potential become major energy suppliers," he said.
Officials said the International Biofuel Forum will meet for a year to draft global standards for biofuel production, find ways to open markets, and encourage investment in countries with the potential to develop the industry.
They said the forum also includes China, India, South Africa, and members of the European Union in an effort to involve the world's biggest potential consumers and producers.
Contact Eric Watkins at [email protected].
