You have to consider the full equation
To Lee: Yes, burning the coconut only releases the carbon that the coconut absorbed as it grew, this is true. But you also have to consider the fuel used for farm machinery that helped to grow, harvest, and process the coconut, the oil used to make petrochemical fertilizers (where does that carbon end up?), the energy used to convert the coconut into a relatively inefficient fuel, and the energy used to transport this fuel to where it's used. Not to mention the CO2 that was released when the land was cleared in the first place (since we have to massively expand our farmland if we want to keep going with this bio-madness).
It depends on whose balance sheet you look at, but from what I've read, you end up having very little net effect (and quite possibly the effect is negative) on the CO2 levels, on the need for oil imports, and on the energy supply.
In other words, it's an enormous, hugely expensive waste of time that causes massive damage to the ecology and to the world's food production capability.
Bio-ethanol production is a technology that is simply not ready for large-scale implementation. Unfortunately, because it sounds good politically and makes it look like you're doing something about the problem, it's gone to large-scale implementation anyway.
And I've seen countless scientific articles explaining this fact, but somehow it's only now just starting to seep into the public consciousness.
Whether other technologies like solar are there yet or not is irrelevant.