paris / reuters / French President Francois Hollande wants “a pause in the development of biofuels” and creation of strategic food stocks.
The move is in response to the third global food price spike in four years, this time sparked by the worst U.S. drought in over half a century and persistent dry conditions in other key cereal-producing areas.
Hollande said he is in talks with other heads of state to launch strategic stockpiles of agricultural commodities, one of the boldest measures yet to tame volatile food prices.
Although it was unclear whether Hollande would succeed in convincing major players such as the U.S. or China to agree on strategic food stocks, countries such as Italy have already signalled their support.
The European Union is also rethinking its biofuel policies over fears they are less climate friendly than initially thought and compete with food production.