The Biotechnology Industry Organization (BIO) today applauded the U.S. Department of Agriculture’s release of new interim final rules for the Biorefinery, Renewable Chemical, and Biobased Product Manufacturing Assistance Program (“9003 Program”). The 9003 Program provides loan guarantees to biorefineries, which promote U.S. energy independence, rural job creation and new markets for agriculture.
Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, stated:
“BIO worked with Senator Debbie Stabenow (D-Mich.), other Members of Congress and the USDA to improve how the 9003 loan guarantee program works for renewable chemical producers and biobased product manufacturers. If implemented properly, the program will provide greater access to capital and equity for biorefineries that primarily produce renewable chemicals and biobased products – which are made from biomass instead of petroleum. Enabling emerging industrial biotechnology companies that produce renewable chemicals to qualify for USDA loan guarantees will promote investment in innovative biotechnology sector going forward. With growth of renewable chemical and biobased product manufacturing, the United States can maintain its leadership in clean energy and manufacturing, create thousands of high quality U.S. jobs, and reduce dependence on foreign petroleum.
“As USDA’s new study of the economic impact of biobased product manufacturing demonstrates, biobased products are capable of generating new economic opportunities, reducing U.S. reliance on foreign oil, and improving the nation’s environmental health. Biobased products already contribute $369 billion to the U.S. economy each year. The sector directly employs 1.5 million Americans, and creates additional employment opportunities for 2.5 million. The 40,000 biobased products that are currently on the market displace about 300 million gallons of petroleum per year, which is equivalent to taking 200,000 cars off the road.”
Source: Biotechnology Industry Organization
Date: Jun 24, 2015