The US Environmental Protection Agency's consistent implementation of the federal Renewable Fuel Standard will help biofuels companies raise needed capital for commercialisation of new technologies.
The Biotechnology Industry Organization (BIO) applauded the EPA’s painstaking assessment of achievable cellulosic biofuel production in the proposed rule for the 2012 Renewable Fuel Standards and praised the agency for maintaining a stable policy.
“Consistent, stable policy is necessary for advanced biofuels companies to raise the capital required to construct new biorefineries and produce commercial scale volumes of biofuels. We thank the EPA for maintaining consistent implementation of the Renewable Fuel Standard,” said Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section.
“The EPA has made a very conservative estimate of the achievable level of cellulosic and advanced biofuel production, as required for the RFS. Though production of cellulosic falls short of the targets, the EPA is correct in its assessment that the advanced biofuel target can be achieved. The RFS contains mechanisms to adjust and provide obligated parties options for compliance,” Mr Erickson added.
“Advanced biofuel technology is ready for commercial deployment, but access to capital remains a challenge for the industry, especially as high oil prices threaten to plunge the country into another recession.
"The Renewable Fuel Standard provides the stable, market-based policy mechanism that advanced biofuel producers and investors have been looking for.
"BIO’s member companies consider the RFS an effective mechanism for incentivizing innovation within the biofuels industry, which can generate numerous good jobs and new economic opportunities.”
