Alternative-energy investments are hot. But is the reward worth the risk? If a report released earlier this week is anywhere close to accurate, the answer is a solid no. It could be a decade until we see any solid growth.

President-elect Barack Obama has made no bones about wanting to jump-start the renewable energy markets – pledging $150 billion for the development of biofuels, solar and wind power, other alternative energy sources during his first term.

Tucking into vol-au-vents stuffed with mozzarella, delegations from 162 countries gathered in Rome this week to attempt to map a way out of the current global food crisis.

The risk of owning Brazilian government bonds fell to its lowest level since May 9, as ratings agency Fitch raised the emerging market’s credit rating to investment grade. This from Bloomberg:

Fitch raised Brazil’s foreign-currency debt rating to BBB-, the lowest investment-grade level, from BB+, matching a move made by S&P on April 30. The increase will give the South American country better access to capital markets because some institutional investors can only buy securities issued by countries with at least two investment-grade ratings.

The European Commission is backing a complaint over US biofuel subsidies launched by the European Biodiesel Board.This from the Britain’s The Guardian newspaper:

Washington will be asked this week to answer allegations that subsidies amounting to 11p a litre on B99 [biodiesel with up to 1% petroleum added] exports from the US, plus “splash-and-dash” operations being conducted through the US, represent unfair competition.

With oil prices climbing to higher than $133, to what extent does Mexico benefit from this? Is it taking advantage of this special time?

Agricultural commodities won’t drop back to pre-crisis levels for at least ten years, according to a report by the OECD and the UN. This from the Financial Times:

Food prices have undergone a paradigm shift and will not drop back to pre-crisis levels for at least the next 10 years, putting long-term pressure on governments facing the food crisis, according to a forthcoming report.

Amidst all the furore regarding the Labour administration’s embarrassingly mis-managed tax shortcomings, the cries of those in the UK warning of a growing humanitarian crisis in the developing world have been lost.

U.S. consumer prices rose less than forecast in the month of April, assuaging some inflation fears, but food prices experienced their biggest jump in 18 years.

A “silent tsunami” unleashed by the food crisis threatens the lives of 100 million of the world’s poorest people, the United Nations warned today.

And being rich is no guarantee of insulation from the food crisis. The Times reports that Japan has become the first industrialized nation to run out of butter.

“Why are food prices high?” asks Bill Bonner in The Daily Reckoning.”Normal agricultural cycles, is one reason we gave yesterday.