WASHINGTON, D.C. (Thursday, February 04, 2010) - Additional Congressional action is needed to follow through on the Obama administration’s recently announced initiative to rapidly build an integrated value chain for the bioeconomy, create jobs and kick start economic growth. The Biotechnology Industry Organization (BIO) today released proposed policy options that provide needed incentives to support U.S. job growth incentivizing commercial scale biorefinery projects for production of advanced biofuels, biobased products and renewable specialty chemicals.
Brent Erickson, executive vice president of BIO’s Industrial and Environmental Section, stated, “The economic recession created an extra hurdle for companies trying to build biorefineries for advanced biofuels and value-added biobased products. Industrial biotechnology solutions for advanced biofuels are ready, and companies have achieved significant successes in achieving research and development goals. Given the current economic climate, what is needed now is significant capital investment.
“The Obama administration correctly recognizes that large-scale production of advanced biofuels can be a significant driver of green job creation, energy security and greenhouse gas reductions. We applaud the policy initiatives announced yesterday, which call for federal coordination of programs to help integrate the complete biofuel value chain. This is a good first step in helping to stimulate the private investment needed to build new biorefineries. However, more needs to be done to de-risk investment in new technologies so that they can scale up to meet national goals. Congress can take action to ensure that these programs are adequately funded and targeted so that the effort will stimulate additional private capital investment.”
BIO’s proposals for new Congressional policy options include:
- Revise the risk assessment process for advanced biofuels projects in the current Department of Energy loan guarantee program;
- Double funding for U.S. Department of Agriculture programs to deploy cellulosic feedstocks; include eligibility for value-added biobased materials, products and chemicals;
- Fund the reverse auction for cellulosic biofuels already incorporated in law;
- Fund development and deployment programs for biobased products and renewable specialty chemicals.
A recent report commissioned by BIO, U.S. Economic Impact of Advanced Biofuels Production, projects that development of advanced biorefineries could create as many as 29,000 jobs over the next few years. For a copy of the report, U.S. Economic Impact of Advanced Biofuels Production, please visit http://bio.org/ind/EconomicImpactAdvancedBiofuels.pdf.
Upcoming BIO Events
12th Annual BIO CEO & Investor Conference
February 8-9, 2010
New York, NY
9th Annual BIO Windhover & Pharmaceutical Strategic Outlook
February 23-25, 2010
New York City, NY
March 8-10, 2010
BIO Intellectual Property Counsels Spring Conference and Committee Meeting
April 19-21, 2010
New Orleans, LA
Partnering for Global Health
May 3, 2010
McCormick Place Convention Center
BIO International Convention
May 3-6, 2010
McCormick Place Convention Center
2010 BIO Human Resources Conference
May 4-7, 2010
World Congress on Industrial Biotechnology and Bioprocessing
June 27-30, 2010
BIO’s Livestock Biotechnology Summit
September 28-30, 2010,
Sioux Falls, SD
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.