Biofuels are moving into the fast lane, almost literally. Come the 2008 Formula One season, AT&T Williams’s racing cars will be fuelled by a biodiesel blend produced by the Brazilian energy company Petrobras.

The boom in biofuels, which are dominated by ethanol and biodiesel, owes its origins to their low cost and clean credentials when compared with traditional fossil fuels.

As a region, Latin America is well positioned to profit. Vast areas of agricultural land, fertile soil and cheap labour lend themselves to bumper crops of biofuel basics such as sugar and soya beans.

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