BIO Expresses Gratitude for hearing on RFS.
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Press Release Summary:
BIO thanked Senate Committee on Environment and Public Works for holding hearing on Renewable Fuel Standard (RFS) and EPA's proposed rule for 2014. BIO's Brent Erickson called attention to advanced biofuel companies' "billions of dollars" of investments in building industry from ground up and noted how EPA's proposed rule will strand those investments, inhibit further investment/development, and threaten existing and future jobs as well as efforts to commercialize other biotech R&D.
Original Press Release:
BIO Welcomes Senate Environment and Public Works Hearing on RFS
WASHINGTON--The Biotechnology Industry Organization (BIO) today thanked members of the Senate Committee on Environment and Public Works for holding a hearing on the Renewable Fuel Standard (RFS) and the EPA’s proposed rule for 2014. The EPA has proposed to decrease use of advanced biofuels in transportation in 2014, reversing the growth path of the RFS, which could slow commercial development of advanced and cellulosic biofuels, as well as other biotechnology applications.
“Setting the 2014 RFS obligations lower than the 2013 levels would mean that America will use millions more barrels of oil each year and add millions of tons of greenhouse gases into the atmosphere. Maintaining the RFS would result in a decrease of both.”
Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, said, “Advanced biofuel companies have invested billions of dollars in private capital to build a new industry from the ground up. EPA’s proposed rule will strand existing investments in advanced biofuels, severely curtail any further investment and development of future facilities, and put hundreds of thousands of existing and future jobs at risk. It could also harm efforts to commercialize other biotechnology research and development, such as renewable chemicals, that are growing out of the biorefinery platforms encouraged by the RFS.
“Setting the 2014 RFS obligations lower than the 2013 levels would mean that America will use millions more barrels of oil each year and add millions of tons of greenhouse gases into the atmosphere. Maintaining the RFS would result in a decrease of both.”
About BIO
BIO is the world's largest trade association representing 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. BIOtechNOW is BIO's blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter.” Subscribe to the BIO Newsletter.
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February 10–11, 2014
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Contacts
Biotechnology Industry Organization (BIO)
Paul Winters, 202-962-9237
pwinters@bio.org
Web: www.bio.org
Blog: www.biotech-now.org
Twitter: @IAmBiotech
