President Obama’s Climate Action Plan shows that he understands how the advanced biofuel industry expands our economy and creates good jobs for American workers in both urban and rural areas.
“Our scientists will design new fuels, and our farmers will grow them,” the president said.
As we’ve shown here at FuelingGrowth.org, the advanced biofuels industry is growing. There are already more than 80 advanced biofuel companies across the United States, and they’re part of an industry that could be worth more than $60 billion within the next decade.
The industry is home to companies like Sapphire Energy, which recently inked its first commercial deal with Tesoro. The major oil refiner agreed to purchase an undisclosed amount of “green crude” derived from algae, showing that Tesoro’s investment dollars don’t exactly align with its public statements ahead of the big climate announcement.
Like Tesoro, the military knows advanced biofuels are a good investment, especially when national security is on the line. The president pointed this out in his plan.
“Biofuels have an important role to play in increasing our energy security, fostering rural economic development, and reducing greenhouse gas emissions from the transportation sector,” he said.
The Navy has set an ambitious goal to source half its fuel from advanced biofuel by 2020. Last summer, the Navy conducted a successful demonstration of an aircraft carrier strike group in the Pacific Ocean.
Taken together, the military’s various advanced biofuels initiatives could create more than 14,000 jobs, a recent E2 report found.
We’ve covered Sierra Energy here on Fueling Growth, which like Obama mentioned in his speech, is turning landfill waste into fuel. This can provide a urban solution for waste disposal.
The agricultural community benefits, too. Crop waste like wheat straw and corn stover can be used to produce advanced biofuel, which adds new revenue streams for American farmers and does not interfere with the food supply.
The president supports advanced biofuel because it fights climate change. It grows domestic businesses. It improves national security. And it helps farmers squeeze more value from their crops.
Combating climate change won’t be easy. But there’s a big role the advanced biofuels industry can play.
“All of us will need to do our part, the president said. “If we embrace this challenge, we will not just create new jobs and new industries and keep America on the cutting edge; we will save lives, protect and preserve our treasured natural resources, cities, and coastlines for future generations.”