New legislation promotes energy independence
The Oil Independence for a Stronger America Act of 2010 has been introduced in the US by Rep. Jay Inslee (D-Wash) and Mike Castle (R-Del).
According to The Biotechnology Industry Organization (BIO), an organisation representing over 1,200 biotechnology companies, academic institutions, state biotechnology centres and related organisations across the US and in more than 30 other nations, the proposed legislation would create and extend a diverse array of federal programmes necessary to help advanced biofuel producers secure financing for the construction of innovative projects.
It will also help the nation achieve energy security goals and create jobs.
Commenting on the proposed legislation Inslee says: ‘This legislation creates a path forward to achieve energy independence and invigorate American industries.
‘The legislation will help redirect the billions that we send overseas to pay for our addiction to foreign oil and instead invent those dollars into home grown biofuels and America’s transportation sector,’ he continues.
Brent Erickson, executive VP of BIO’s industries and environmental section, explains that the US must make large quantities of advanced biofuels in order to lessen its reliance on imported oil, improve energy and national security and kick-start economic growth.
‘Federal policies can provide potential investors the certainty they need to make long-term investments in new cellulosic and algae-based advanced biofuels facilities,’ Erickson says. ‘Enhancement of a tax credit, similar to those given other nascent industries, can help second generation advanced biofuel projects make the crucial step to commercialising innovative technologies.’
The US Economic Impact of Advanced Biofuels Production, a report by BIO, predicts that the development of advanced biorefineries could create thousands of jobs within the upcoming years, and hundreds of thousands by the year 2030. The study also shows that large-scale production of advanced biofuels could save the nation an estimated $350 billion (€267 billion) in foreign oil between now and 2022.
According to The Biotechnology Industry Organization (BIO), an organisation representing over 1,200 biotechnology companies, academic institutions, state biotechnology centres and related organisations across the US and in more than 30 other nations, the proposed legislation would create and extend a diverse array of federal programmes necessary to help advanced biofuel producers secure financing for the construction of innovative projects.
It will also help the nation achieve energy security goals and create jobs.
Commenting on the proposed legislation Inslee says: ‘This legislation creates a path forward to achieve energy independence and invigorate American industries.
‘The legislation will help redirect the billions that we send overseas to pay for our addiction to foreign oil and instead invent those dollars into home grown biofuels and America’s transportation sector,’ he continues.
Brent Erickson, executive VP of BIO’s industries and environmental section, explains that the US must make large quantities of advanced biofuels in order to lessen its reliance on imported oil, improve energy and national security and kick-start economic growth.
‘Federal policies can provide potential investors the certainty they need to make long-term investments in new cellulosic and algae-based advanced biofuels facilities,’ Erickson says. ‘Enhancement of a tax credit, similar to those given other nascent industries, can help second generation advanced biofuel projects make the crucial step to commercialising innovative technologies.’
The US Economic Impact of Advanced Biofuels Production, a report by BIO, predicts that the development of advanced biorefineries could create thousands of jobs within the upcoming years, and hundreds of thousands by the year 2030. The study also shows that large-scale production of advanced biofuels could save the nation an estimated $350 billion (€267 billion) in foreign oil between now and 2022.
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