BIO supports government commitment to develop biofuels.February 9, 2010 -
Government biofuels initiative will help companies secure investment for biofuel production facilities and rapidly implement final Renewable Fuel Standard rules to boost biofuel market. Recent BIO report showed that biofuels industry advancement could produce hundreds of thousands of jobs and contribute to over $140 billion in economic growth by 2030. Biofuel production will help mitigate reliance on imported petroleum and reduce carbon emissions associated with climate change.
BIO Welcomes Obama Proposal to Achieve Advanced Biofuels Targets, Final Rules on Renewable Fuel Standard |
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Biotechnology Industry Organization
1201 Maryland Ave., SW, Ste. 900
Washington, DC, 20024
USA
Press release date: February 3, 2010
WASHINGTON, D.C. - The Obama administration's new biofuels initiative is a much-needed step in federal coordination that can help pioneer companies secure the investment needed to build large-scale advanced biofuels production facilities. Rapid implementation of final Renewable Fuel Standard rules will create the market space for advanced biofuels; but more work is needed to accommodate further innovation and scale-up of new technologies. The Biotechnology Industry Organization (BIO) today thanked the Obama administration for renewing its commitment to support increased production and use of all biofuels, including advanced biofuels that can help create thousands of new green jobs, increase energy security and reduce greenhouse gas emissions.
Jim Greenwood, BIO president and CEO, stated, "The Obama administration clearly recognizes that large-scale production of advanced biofuels can be a driver of green job creation, energy security and greenhouse gas reductions. This new initiative will send a message to the industry and potential investors that the federal government is strongly committed to achieving advanced biofuels production and use targets. BIO has previously called for better federal coordination of programs to help integrate the complete biofuel supply chain, from crop production to fuel production and marketing. This coordination will help stimulate the private investment needed to build new biorefineries. On behalf of our member companies we thank the Obama administration for its leadership on this issue.
"Directing federal resources and funding in a coordinated framework to the development of new feedstocks, transportation and distribution networks, and vehicles can help create a robust value chain for the bioeconomy. The administration and Congress should also direct funding and incentives to production of biobased products and renewable chemicals as part of that value chain."
BIO previously asked federal policymakers to implement a comprehensive policy approach to support biofuels and biobased products deployment and to inject immediate capital for biorefinery construction, feedstock development, and fuel delivery infrastructure. The economic recession slowed the deployment of advanced biofuel technology. Due to uncertainty about regulations and financial risk, advanced biofuel producers have not been able to access capital needed to construct biorefineries and meet the production goals of the Renewable Fuel Standard.
Brent Erickson, executive vice president of BIO's Industrial and Environmental Section, added, "The final rule announced today by the EPA highlights the fact that - even with questionable assumptions about international land use change - advanced biofuels can significantly reduce and reverse growth of U.S. greenhouse gas emissions from transportation. We believe - and the EPA's analysis shows - that biotechnology continues to improve the efficiency and environmental profile of biofuels production. In addition to enabling use of cellulosic material as a feedstock, biotechnology makes possible production of drop-in fuels and hydrocarbon molecules from any source of sugar. Further, biotechnology can help farmers and biofuel producers reduce carbon emissions by increasing yields from existing crop land; enabling new, high-yield purpose-grown energy crops; increasing yields of fuel per ton of raw material; and reducing fossil fuel inputs in agriculture and biorefining.
"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. BIO supports the production of biofuels from all feedstocks. Agricultural biotechnology is helping to increase crop yields, while industrial biotechnology is helping to convert crops, crop residues and other feedstocks into ethanol more efficiently. With ongoing advances in biotechnology, biofuels can help America meet nearly half its transportation-fuel needs by the middle of this century.
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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.
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