WASHINGTON, May 5, 2011 /PRNewswire-USNewswire/ -- Developing renewable energy alternatives is an inevitable part of our shared global future and America should help lead the way through the commercialization of advanced biofuels technologies, that's the message Advanced Biofuels Association (ABFA) President Michael McAdams conveyed to the U.S. House Energy and Commerce Subcommittee on Energy and Power, as he testified before the committee as it held the sixth day of its hearing on the "American Energy Initiative".
McAdams told lawmakers that the 36 member companies of the ABFA, "are the businesses that are creating new jobs today to build the next generation of fuels."
McAdams encouraged a consistent commitment by Congress to successfully transform America's energy policy to cleaner and renewable sources. "Stable, long term, common sense government policies will expedite this transition by helping to provide the market with certainty, which will spur private sector investment. A sensible, economically driven approach that drives commercialization will lead to the strengthening of our national and economic security, while creating a significant number of new jobs for our country."
McAdams testified the core of that commitment should remain the Renewable Fuels Standard (RFS) which he told members of the committee is "the most important federal policy in supporting the development of a biofuels industry in this country."
"We would specifically urge this Committee and Congress to not tinker with the statute at this time. Since the rules were only finalized last July, we strongly urge the Congress to allow the markets and the players in the market to work within the current framework to see how much progress we make toward the overarching goals of the original legislation in the short term," McAdams testified.
McAdams also noted the "chief challenge of the advanced and cellulosic industries has been acquiring the necessary funding to build the next generation of facilities."
"One of the primary reasons for the disappointing lack of commercial funding has been our biofuels tax policy. The current code is inconsistent in what it rewards according to the molecule, or feedstock or process used. Advanced and cellulosic biofuels tax policy does not provide parity and in many cases the credit is not in the right form to enable companies to monetize their value."
Complete testimony can be found at http://www.advancedbiofuelsassociation.com/
The member companies of The Advanced Biofuels Association (ABFA) represent the new generation of advanced and renewable technologies that will help drive America's new economy by creating jobs, strengthening our energy security and fueling a sustainable future for the world. www.advancedbiofuelsasscoation.com
SOURCE Advanced Biofuels Association