Energy Bill Will Transform U.S. Economy, BIO Says
The Biotechnology Industry Organization (BIO) today applauded Senate passage of the energy bill, which contains a new renewable fuel standard (RFS) that explicitly supports production of advanced biofuels, including cellulosic ethanol.
Brent Erickson, executive vice president for BIO’s Industrial and Environmental Section, issued the following statement:
“The Energy Independence and Security Act will catapult the U.S. biofuels industry to the next level of commercial development. It will accelerate the creation of a U.S. biobased economy built on sustainable and renewable resources instead of petroleum.
“Industrial biotechnology companies are already improving the technology for making cellulosic ethanol. And, they are developing new processes for advanced biofuels – alcohols and hydrocarbons that can directly substitute for gasoline in fuel tanks. But to make these new technologies viable in the marketplace, biotechnology and biofuel companies must be able to secure the investment necessary to construct new biorefineries and develop the infrastructure needed to deliver these new fuels to consumers. The bold new RFS provisions in the federal energy bill will force an unprecedented level of venture capital investment in the biofuel industry.
“McKinsey&Company analysts project that the new RFS will bring the potential for tens of billions of dollars for farmers, suppliers and producers and necessitate the investment of more than 100 billion dollars for building some 300 new plants.
“In a very real way, this legislation could spawn a new gold rush. Everybody agrees that we must reduce America’s reliance on petroleum. The question now is, ‘How fast can we get the job done and will America lead the way to a smarter and more sustainable energy future?’
“Market demand for environmentally beneficial fuels and products – coupled with the investments that will result from this bill – can transform the United States into a biobased economy. McKinsey analysts estimate that the energy bill as approved by the Senate will mandate that biofuels make up more than 20 percent of total gasoline for road transport in the U.S. by 2022. It will also reduce our dependency on oil and lower greenhouse gas emissions. We urge the House to take immediate action to approve the bill without amendment.”Upcoming BIO Events
BIO-Asia Partnering Conference
January 28-29, 2008
Tokyo, Japan
BIO CEO & Investor Conference
February 11-13, 2008
New York, NY
BIO-Europe Spring 2008
April 7-9, 2008
Madrid, Spain
World Congress on Industrial Biotechnology & Bioprocessing
April 27-30, 2008
Chicago, Ill.
2008 BIO International Convention
June 17-20, 2008
San Diego, Calif.
Visit www.bio.org for more information on BIO and all upcoming events.
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