24 April 2013 05:30 [Source: ICIS news]
CHICAGO (ICIS)--The Biotechnology Industry Organization’s (BIO) top priority is to protect the US Renewable Fuel Standard (RFS), a spokesman for the trade group said on Tuesday.
The RFS was created by the Energy Policy Act of 2005 to establish a fuel volume mandate to boost ethanol, biodiesel and other renewable resources in the US. It was expanded in 2007 and finalised in 2010.
“Last year, [opponents in the oil industry] outright changed their position from saying it needs to be fixed to saying it needs to be repealed,” said Paul Winters, BIO’s director of communications.
“They are trying to raise a lot of confusion about the law and to paint it as an unworkable policy, but the fact of the matter is it’s working,” he told ICIS at the Bio International Convention.
Bio companies invested billions of dollars in moving the technologies out of laboratories and into pilot and demonstration projects and then on to commercialisation, Winters said.
“They’ve done that in economic slowdown,” he said. “So it’s a considerable effort of time, money and technology.”
Also, the production of corn has expanded greatly since the RFS was enacted, Winters said.
“Land use in the US had been declining for several years and has really just begun to stabilise,” he said.
Most importantly, Winters said, the RFS provides a stable framework for technology developers.
“We want the RFS to stay in place as it is,” he said. “Do not change it. We need stability.”
The Bio International Convention runs through Thursday.
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