BIO Applauds Sen. Stabenow’s Bill to Extend Advanced Energy Project Credit to Renewable Chemicals and Biobased Products
Biobased products and renewable chemicals can contribute to energy security and create new jobs and so should be eligible for advanced energy project credits. The Biotechnology Industry Organization (BIO) today thanked Sen. Debbie Stabenow (D-Mich.) for introducing legislation to extend the qualifying advanced energy project credit and make eligible additional advanced biorefinery projects.
Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, stated, “To truly achieve energy security, the United States must develop biorefineries that produce alternatives to all of the products made from each barrel of oil. Industrial biotechnology enables the production of renewable chemicals and biobased products from biomass. Some of these materials are already cost-competitive with their petrochemical counterparts and can directly replace them in consumer products. In fact, industrial biotechnology has already improved many everyday products, including plastics, chemicals and biofuels, saving energy and reducing pollutants in their production.
“Biorefineries can be built anywhere in the U.S. to take advantage of local resources and feedstocks and deliver products to local markets – while creating local jobs. In fact, a survey from Iowa State University released last year showed 50,000 U.S. jobs in the biobased product sector, and continued job growth is expected. Incentivizing investment in biorefineries provides potential to create new markets for American products and jobs.”