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Mandelson writes: "The issue is not biofuels or no biofuels, but the right biofuels. Europe's governments have signed a commitment ensuring that 10% of the petrol in Europe's vehicles in 2020 is made from renewable transport fuels, including biofuels. This will make an important contribution to the EU's efforts to reduce greenhouse gas emissions and promote security of energy supply. But there is an obvious caveat: biofuels must be an environmental policy in pursuit of an environmental outcome - the most sustainable policy is the only right policy".

High oil prices have a clear economic effect. But for highly indebted, impoverished countries, climate change, fueled significantly by CO2 emissions from cars and other gas-guzzling vehicles in the North, will have serious ecological, social and economic impacts as well.

Says Saul, “A key way to transition away from dependence on oil is through debt cancellation. Countries need fiscal space in order to invest in the post-fossil fuel economy — but the debt trap keeps countries from meeting a wide variety of social needs.”