The Global Bioenergy Partnership released a voluntary policy for producing and using biomass and biofuels in ways that do not add to the issues associated with climate change or affect food prices. The partnership was established in 2005 by the Group of Eight nations and five emerging economies and includes 13 international organisations and institutions.
Corrado Clini, Chairman of the partnership and Director General of Italy's Ministry for the Environment, Land and Sea pointed out that palm oil climbed to almost a three-year high as consumers and companies increased their use of the product. Clini said, "Biofuels could cover up to 25% of the fuels portfolio in the next 30 years. The environmental certification of biofuels would be a very important driver for promoting biofuels in the market."
On 10 February 2011, palm oil rose to 3,967 ringgit ($1,304) per metric ton on the Malaysia Derivatives Exchange, the highest since March 2008.
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