BIO urges U.S. Congress to preserve renewable fuel standard

The Biotechnology Industry Organization (BIO), along with the Advanced BioFuel Association, the Renewable Fuel Association, the Advanced Ethanol Council and the American Coalition for Ethanol, joined in a letter urging members of the U.S. House Committee on Energy and Commerce and the U.S. Senate Committee on Environment and Public Works to protect the Renewable Fuel Standard (RFS).  The RFS is viewed as essential to providing a stable policy for attracting private investment in advanced biofuels, said BIO President & CEO Jim Greenwood. “The RFS is an effective mechanism for incentivizing innovation within the biofuels industry. With this policy in place, industrial biotechnology companies already have made significant investments in research and development, producing successes at each stage. Advanced biofuel technology is ready for commercial deployment and it can provide good jobs and new economic opportunities.  Access to capital remains the biggest challenge for the industry, especially as high oil prices threaten to plunge the country into another recession.” (May 31, 2011)