WASHINGTON, DC,
March 30, 2011
(Business Wire) -
To promote energy security and reduce over-reliance on imported oil, U.S. policymakers must remain committed to expanding the market for U.S. produced biofuels and biobased products and commercialization of new technologies. The Biotechnology Industry Organization (BIO) today thanked President Obama and his administration for leadership in supporting the commercial development of biorefineries.
BIO President & CEO Jim Greenwood stated, "Continued reliance on foreign petroleum threatens not only our economy, but also our energy and national security. Next generation biorefineries utilizing renewable biomass to produce advanced biofuels, biobased products and renewable chemicals offer the potential to help stabilize energy prices and revitalize U.S. rural and manufacturing communities. The policies announced today by President Obama will provide important support to path-breaking biotechnology companies seeking to build commercial-scale cellulosic and advanced biorefineries. By targeting incentives to drive biofuels innovation, and providing the Pentagon with a greater role in securing sustainable alternatives to fuel our military, we are heading down the path to a more secure energy future. Now we need Congress to act to ensure that there is a consistent, stable policy environment for further commercial deployment of innovative technologies."
Brent Erickson, executive vice president of BIO's Industrial & Environmental Section added, "The technology for commercialization of advanced biofuels is ready, but it has been hampered by the economic recession and unstable investment environment. The policies announced today, if accompanied by strong policy and funding support from Congress, could unlock the tremendous potential of advanced biofuels innovation to secure our energy future. To continue momentum in commercial development of biofuels, U.S. energy policy must continue to support public-private partnerships in demonstrating biorefinery technologies; provide stable, flexible incentives for commercial development of innovative technologies and while expanding eligibility for new technologies; and maintain the Renewable Fuel Standard. U.S. policy should also enable federal agencies, such as the departments of Agriculture, Defense and Energy, to serve as leaders in creating market pull for biofuels."
About BIO
BIO represents more than 1,100 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.
