Biofuel can help nations curb effects of global warming
Crude oil prices keep setting new records. Goldman Sachs has raised its forecast for oil prices in the second quarter to reach US$141 a barrel.
While everyone is blaming speculators for pushing the price up, I think the major reason is our dependence on oil.
However, I do admit speculators are largely to blame for high oil prices, and their actions are ill-advised as such high prices will harm the global economy and cut consumers' spending powers.
This could lead to an economic slowdown or even a recession, which will harm investment returns for normal investors and speculators.
Regarding our dependence on oil, this problem can be solved by using renewable energy to generate electricity.
We already have the necessary technologies for our society to become carbon neutral.
Solar panels, wind turbines, biofuel and fuel cells are all now available and can be adopted into a new energy policy.
Biofuel, in particular, can be used as a replacement for oil.
Moreover, the latest developments in biofuel technology should ease the concerns people have that it will adversely affect the food chain and the price of food.
Second-generation biofuel, unlike the first generation which is made from crops, is based on algae.
Large quantities of algae can be cultivated, and this algae will absorb huge amounts of carbon dioxide during photosynthesis.
That process will offset the emission of CO{-2} when it is burned.
Furthermore, since algae can be easily cultivated in large quantities, this could avoid the problem of crops being used to make biofuel, and therefore would not compromise the efficiency of the food chain.
I believe through this development of biofuels, our dependence on oil can be eased.
I think governments around the world should act now to help combat climate change, by reducing the amount of oil their nations use.
H. Y. Tsang, Sai Kung
