Wednesday, May 20, 2009

BIO Is Confident That Biofuels Can Meet Goals of Renewable Fuel Standard

(BUSINESS WIRE)--Biotech companies are poised to rapidly commercialize advanced biofuel technology, which has been shown to reduce both U.S. reliance on petroleum and associated greenhouse gas emissions. Brent Erickson, executive vice president of the Biotechnology Industry Organization’s (BIO) Industrial and Environmental Section, yesterday released the following statement at a media briefing held at the 2009 BIO International Convention being held at the Georgia World Congress Center in Atlanta.

“Advanced biofuel companies are ready to deploy their technology and begin meeting the requirements of the National Renewable Fuel Standard. Now that the rules of the program are finally moving forward and the Obama administration has demonstrated a firm commitment to the industry, companies are prepared to build the next generation of biorefineries.

“The recent analysis by the Environmental Protection Agency shows that biofuels produced with biotech tools will dramatically reduce U.S. greenhouse gas emissions from transportation – more than 100 percent compared to gasoline, in some cases. In addition to enabling production of cellulosic biofuels, biotechnology can continue to help biofuel producers reduce carbon emissions by increasing yields of fuel per ton of raw material and decreasing energy use in production of biofuels. Biotechnology can also help farmers increase yields per acre and reduce petroleum inputs in agriculture.

“The Obama administration’s leadership, through the recently announced Biofuels Interagency Working Group, is vital to stimulating the investment needed to bring advanced biofuels to market. There are many federal and state programs designed to support the industry during its infancy that require coordination and funding. These important incentive programs include loan guarantees for biorefineries, a reverse auction for the first billion gallons of advanced biofuels, and funding and fast-tracking of the Biomass Crop Assistance Program.”

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