The article provides insight into the contemporary international bioenergy debate and scrutinizes how the idea of biofuel production as a win-win-win solution to energy insecurity, climate change, and agricultural stagnation came into being, what discursive forces bind such a conceptualization, and where dislocations arise. Based on critical assumptions of discourse theory developed by Laclau and Mouffe, the analysis explores assessments, reports, policy papers, and other central documents from three influential international organizations—the International Energy Agency, Intergovernmental Panel on Climate Change, and United Nations Food and Agriculture Organization—that provide an entry point to the global debate on biofuels. We show that the bioenergy concept occupies specific positions and conveys different meanings within the three overlapping discourses of energy, climate, and agriculture. These three discursive areas are further “sutured” around the notion of biofuel production, where a hegemonic thread of the capitalist market economics, fixated on economic growth and presupposing the necessity of cost-effectiveness, results in internal contradictions and dislocations within the win-win-win conceptualization, emptying bioenergy of any content.