BIO welcomes President Obama's remarks on advanced biofuels.
Press Release Summary:
February 2, 2010 - BIO applauded President Obama's call in the State of the Union address to encourage American innovation and create clean energy jobs, by providing incentives for clean energy. According to report by Bio Economic Research Associates titled "U.S. Economic Impact of Advanced Biofuels Production: Perspectives to 2030," advanced biorefineries could create 29,000 new jobs and $5.5 billion in economic growth by 2012 and more than 800,000 new jobs throughout economy by 2022.
Biotechnology Industry Organization
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Original Press Release
BIO Welcomes President Obama's Remarks on Advanced Biofuels
Press release date: January 28, 2010
Calls for renewed national commitment to developing biofuels
WASHINGTON, D.C. - The United States can lead the world in deploying advanced biotechnology for biofuels and create thousands of new jobs by implementing policies to support the emerging industry. The Biotechnology Industry Organization (BIO) today applauded President Obama's call in the State of the Union address to encourage American innovation and create clean energy jobs, by providing incentives for clean energy.
BIO President and CEO Jim Greenwood remarked, "Building biorefineries that utilize biotechnology to transform many types of renewable feedstocks into biofuels and biobased chemicals can create thousands of jobs in the next few years. These jobs would be created not just in the fuels and chemicals sector, but also in farming and rural areas, construction and engineering, and advanced research and development. The technology is ready, and the United States leads in the development of innovative biotechnology solutions. What has held the industry back in the current economy is the need for capital and investment."
A recent report by Bio Economic Research Associates (bio-era(TM)), U.S. Economic Impact of Advanced Biofuels Production: Perspectives to 2030, finds that advanced biorefineries could create 29,000 new jobs and $5.5 billion in economic growth by 2012 and more than 800,000 new jobs throughout the economy by 2022. The study is available at http://bio.org/ind/EconomicImpactAdvancedBiofuels.pdf.
Greenwood continued, "There are more than 50 new projects planned or ready to begin construction to produce both biofuels and chemicals. These are precisely the kinds of projects that can quickly create jobs while helping the country move to a more sustainable industrial future. The federal government and many states have made considerable investments in biofuels and biobased chemicals, because they are important to the economic and energy security of the country. There are many policies already on the books that if fully funded and implemented can help drive commercialization of advanced biofuels. A renewed national commitment to developing biofuels and biobased chemicals that can reduce our reliance on petroleum should be a priority for the administration and Congress in any energy or climate bill."
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.