BIO asks Congress to fund reverse auction for biofuels.
Share:
Press Release Summary:
BIO released letter to House and Senate appropriators asking them to fund Section 942 of the Energy Policy Act of 2005, Production Incentives for Cellulosic Biofuels, at the $25 million level in Fiscal Year 2011. This program, if closely coordinated with other federal programs, can stimulate the private investment needed to build large-scale biorefineries to meet the energy production and greenhouse gas reduction goals of the United States.
Original Press Release:
BIO Asks Congress to Fully Fund Reverse Auction for Cellulosic Biofuel
WASHINGTON, D.C. - Funding the existing cellulosic biofuel reverse auction program is a targeted, affordable way to assist pioneer cellulosic biofuel producers in the United States. The Biotechnology Industry Organization (BIO) today released a letter to House and Senate appropriators asking them to fund Section 942 of the Energy Policy Act of 2005, Production Incentives for Cellulosic Biofuels, at the $25 million level in Fiscal Year 2011.
Brent Erickson, executive vice president for BIO's Industrial and Environmental Section, stated, "The reverse auction program rewards pioneering cellulosic biofuel producers who can provide the most cost effective product. This program, if closely coordinated with other federal programs, can stimulate the private investment needed to build large-scale biorefineries to meet the energy production and greenhouse gas reduction goals of the United States. BIO thanks the many Congressmen and Senators who have supported this request, in particular Representative Bruce Braley (D-Iowa) and Senators Tom Harkin (D-Iowa), Richard Lugar (R-Ind), Evan Bayh (D-Ind) and Edward Kaufman (D-Del.)."
The Department of Energy's Section 942 program supports the production of cellulosic biofuels by providing payments on a per gallon basis through a reverse auction process. Numerous federal and state governmental entities use reverse auctions to utilize taxpayer funds in as efficient a manner as possible.
Erickson continued, "Advanced biofuels are a key to creating new jobs and revitalizing the U.S. economy, as shown in a recent report commissioned by BIO, U.S. Economic Impact of Advanced Biofuels Production. Development of the advanced biofuels industry could produce hundreds of thousands of new green jobs and contributing more than $140 billion in economic growth by 2030. Rapidly increasing U.S. production of advanced biofuels is also a sound way to significantly reduce U.S. reliance on imported petroleum and carbon emissions associated with climate change."
For a copy of the report, U.S. Economic Impact of Advanced Biofuels Production, please visit http://bio.org/ind/EconomicImpactAdvancedBiofuels.pdf.
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.
