USDA Releases Positive Energy and Environmental Report on U.S. Biobased Products Industry

 

The Biotechnology Industry Organization (BIO), Washington, D.C., USA, this week applauded the release of USDA’s report to Congress titled An Economic Impact Analysis of the U.S. Biobased Products Industry, which details the growing sector’s impact on the U.S. economy, energy independence, and environment. BIO also welcomed the release of the new rules for the BioPreferred Program. The BioPreferred Program administers a USDA label indicating the renewable content of a biobased product and sets federal purchase preferences for biobased products. 

Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, said that "as USDA’s new study of the economic impact of this program 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 gal. of petroleum per year, which is equivalent to taking 200,000 cars off the road. The BioPreferred Program provides an important opportunity for products made with renewable resources, including renewable chemicals, to differentiate themselves in the market place. It is an important source of market pull for this emerging sector." 

BIO is the world's largest trade association representing biotechnology companies, academic institutions, state biotechnology centers, and related organizations across the U.S. and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products.