The Kennedy School of Government at Harvard University released a report this week recognizing the value and potential of liquid biofuels, but also urging a cautious approach to further biofuel development.

The report, titled Biofuels and Sustainable Development: An Executive Session on the Grand Challenges of a Sustainability Transition, was the result of a series of workshops and studies held in May at Venice International University in Italy. Experts from around the developed world in the fields of public policy, business and science gathered for the event and shared their views on sustainable biofuels production.

The group’s findings were summarized by noting that “liquid biofuels can provide a much needed substitute for fossil fuels used in the transport sector. They can contribute to climate and other environmental goals, energy security, economic development and offer opportunities for private companies to profit.”

The report goes on to warn that biofuels must be implemented with care, otherwise environmental problems can be “exacerbated.”

The group suggests that governments should guide the development of biofuels to “realize its multiple potential benefits.”

There was agreement among the participants that radical changes in current policies would not be beneficial. “Any single rule — such as production subsidies, a simple ban on biofuel production, or the immediate revocation of existing mandates for biofuel use — is too blunt an instrument and will almost certainly do more harm than good.”