Brazil, the United States, China and the European Commission launched a joint initiative in New York on Friday to promote development of an international market for biofuels which are seen as a viable alternative to fossil fuels.
Joined by India and South Africa, they announced at a press conference here the launch of a mechanism to create a world market to spur production, distribution and use of biofuels, which can also help reduce greenhouse gas emissions.
"Biofuels constitute a viable economic alternative for the immediate partial substitution of fossil fuels and the diversification of the world's energy mix," Brazilian Ambassador to the United States Antonio Patriota said as he formally announced the launch of the International Biofuels Forum.
"The introduction of biofuels is highly advantageous both for developing and developed countries," he added.
"By working together we will be able to identify means and ways to help countries with agricultural productive potential to become major energy suppliers," said US Assistant Secretary of State for Western Hemisphere Affairs Thomas Shannon. "This is a huge step forward in the development of a new international understanding of energy."
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