BIO CEO Participates in Stakeholder Forum on the Biorefinery, Renewable Chemical, and Biobased Product Manufacturing Assistance Program
Washington, D.C. (July 16, 2015) – Biotechnology Industry Organization (BIO) President and CEO Jim Greenwood was invited to make a presentation and participate in today’s national stakeholder forum, hosted by the U.S. Department of Agriculture, to announce the new Biorefinery, Renewable Chemical, and Biobased Product Manufacturing Assistance Program (“Section 9003 Program”). The Section 9003 Program provides loan guarantees to biorefineries, which promote U.S. energy independence, rural job creation and new markets for agriculture.
Greenwood released the following statement:
“For more than 15 years, BIO and its member companies have been advocating the development of biorefineries that produce not only biofuels, but also renewable chemicals and other consumer products. Renewable chemical companies are increasingly cost competitive with petrochemicals and there is growing consumer demand for biobased products. But many renewable chemical companies still face challenges raising the private capital necessary for commercialization, and they are at a disadvantage when competing for capital without a level playing field in the public policy arena. With proper implementation, we believe the Section 9003 program will provide greater access to capital and equity for biorefineries that primarily produce renewable chemicals and biobased products and will help spur the private investment needed to finance important new innovations that are on the horizon.
“One of our top priorities in recent years has been key titles in the Farm Bill that support and encourage commercialization of not only biofuels and bioproducts, but also renewable chemicals. We have advocated for expanding the biorefinery program and had many champions supporting these efforts. I particularly want to recognize the work and leadership of Senator Debbie Stabenow (D-Mich.) on these Farm Bill energy titles and to thank Secretary Vilsack for his leadership in helping to get this provision appropriately implemented.”