Mar 5 2008
Biotechnology Industry Organization (BIO) Executive Vice President, Industrial & Environmental Section, Brent Erickson, speaking today at a session titled “Biobased Products: Feedstocks, Markets & Drivers” held at the Washington International Renewable Energy Conference 2008 (WIREC 2008), released the following statement:
“Industrial biotechnology will transform production of chemicals and plastics as well as biofuels, helping companies cut energy use, reduce environmental impact, and improve their bottom lines. Ongoing advances in industrial biotechnology – such as discovery and development of new enzymes and fermentation techniques that can replace use of petrochemicals – are major drivers in building a biobased economy.
“Consumers are increasingly looking for “green” products. With oil priced above $100 per barrel, products made from renewable resources instead of petroleum will be both an environmentally sound choice and an economic preference for consumers. Biobased products are cost-competitive with petroleum-based materials even when oil is priced lower, so companies that adopt industrial biotechnology can cut costs, make better products, and increase profitability.
“Using biotechnology to produce plastics and chemicals from renewable resources can significantly cut both petroleum use and greenhouse gas emissions. For example, by wrapping food products in biobased plastic instead of petroleum, one large national retailer is now effectively reducing CO2 emissions by 11,957,000 pounds each year, which is equivalent to driving a car 14.3 million miles.
“The overall impact of biobased production on the U.S. economy is expected to be huge. A recent study by the U.S. Department of Commerce projected that production of advanced biofuels could increase U.S. GDP by $4.7 billion and attract investment of $5.9 billion, while creating more than 20,000 jobs.”