BIO urges Congress to enforce biofuels policy and stimulate investment.
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Press Release Summary:
BIO submitted letter to Congressional leaders proposing 6 principles to guide development of legislation supporting continued development and deployment of advanced biofuels. Congress has authorized various programs to assist biofuels producers, according to Brent Erickson, but effort to coordinate and fund them is needed. Also, help is needed in developing various parts of value chain, such as transport and delivery as well as fuel distribution networks.
Original Press Release:
Advanced Biofuel Companies Ask Congress to Provide Comprehensive Biofuels Policy and Stimulate Investment in Advanced Biofuels
WASHINGTON, D.C. (Tuesday, March 31, 2009) - Biofuel producers and biotechnology companies today asked Congressional leaders to help them overcome economic obstacles to obtaining financial backing and bring commercially ready advanced biofuels to the marketplace. The Biotechnology Industry Organization (BIO) submitted a letter to Congressional leaders proposing six principles to guide development of legislation needed to support continued development and deployment of advanced biofuels.
Brent Erickson, executive vice president of the BIO's Industrial and Environmental Section, stated, "Federal leadership is required to stimulate the investment needed to create a brand new value chain for advanced biofuel production and biobased product manufacturing. Congress has authorized a number of programs to assist advanced biofuels producers, but what is needed is an effort to coordinate and fund these programs and help the development of the new feedstocks, transportation and delivery of products, alternative fuel distribution networks and vehicles, and many other parts of the value chain. Advancing the development of biobased products beyond just biofuels would also help to achieve cost-effectiveness."
BIO specifically recommended the following policy principles for the development of new legislation:
1. Implement a comprehensive systems policy approach to federal support for advanced biofuels and biobased products deployment that recognizes the need for coordinated end-to-end infrastructure development;
2. Inject immediate capital for biorefinery construction, feedstock development, and fuel delivery infrastructure by boosting funding and quickly issuing loans and loan guarantees for biorefinery construction;
3. Ensure a strong market for advanced biofuels by maintaining the Renewable Fuel Standard, addressing the blend wall, and extending the cellulosic producer tax credit;
4. Incentivize the full range of biobased products produced by biorefineries by ensuring renewable chemicals and biobased products facilities are eligible for grant and loan programs;
5. Aggressively fund ongoing research, development and deployment to maximize economic competitiveness, sustainability and greenhouse gas benefits of advanced biofuels and biobased products; and
6. Explicitly incentivize greenhouse gas reducing biotechnologies in climate change legislation.
BIO member companies participated in a briefing today to release these principles. To listen to a replay of the teleconference briefing for reporters, please dial 1-800-642-1687 and use conference code 92708458. For additional information, please contact Paul Winters, Communications Director, BIO at 202-962-9237 or pwinters@bio.org.
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About BIO
BIO represents more than 1,200 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world's largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world.
