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The "Ethanol Project” reviewed the ethanol industry in Brazil, the United States, Colombia and Peru. It revealed a new generation of business executives who lead an industry dependent on subsidies, lobbying and very favorable loans awarded by multilateral organizations. The story showed how the ethanol industry has begun to experience some tough adjustments, and how the environmentalists that once endorsed the industry are asking how sustainable the industry really is and what contribution, if any, it is making to the environment.