One of the reasons for the rise in prices for almost all food products was called the boom in vegetable fuels, the production of which began to be actively made by large energy companies. Demand for beans, corn and other crops from biofuel producers is contributing substantially to the rise in food prices.

Foods in all countries of the world could become even more expensive due to programs to combat climate change. Energy companies are increasing the volume of fuel obtained from the processing of vegetable and animal fats, cereals, legumes, and sugar. Fueled by strong demand for soybean and palm oils, corn has doubled in price over the year, sugar has jumped in half, and food prices – from animal feed to chocolate – have skyrocketed to record levels in the past seven years.

One example of the transformation of a refinery into green is the San Francisco plant of the Phillips 66 energy company, which over the past year has become one of the largest renewable fuels in the country. According to the American bank JPMorgan Chase, by the end of 2024, the production of renewable diesel fuel in the United States will increase almost sixfold, which will only exacerbate food shortages and unemployment around the world.