WASHINGTON--(BUSINESS WIRE)--Biotechnology Innovation Organization (BIO) President & CEO Jim Greenwood today delivered testimony to a House Committee on Agriculture, Subcommittee on Commodity Exchanges, Energy and Credit, Hearing: The Next Farm Bill: Rural Development & Energy Programs.
Regarding the next Farm Bill, Greenwood stated:
“In a BIO report I’ve submitted for the record, I highlight companies from every state that are developing new technologies and products with support from each of the farm bill energy title programs.
“According to USDA, the bio-based industry contributed $393 billion to the U.S. economy and currently generates or supports 4.2 million jobs, and we’re adding hundreds of thousands more annually. Analysis from Fuels America shows the renewable fuels sector adds another 850,000 jobs, $185 billion in annual economic output, and $46 billion in wages for our farmers and our local workers.
“These numbers would be a fraction of their current size without the energy title. It provides what all investors say they need – a long-term, stable policy environment to help them make investment decisions.
“That stability is especially important in these tough times for our rural producers. Biofuels, renewable chemicals, and biobased products diversify demand for crops and crop residues. And the growing demand for employees to build and operate these new biorefineries is another way we’re revitalizing rural communities.”
BIO is the world's largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States 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. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIOtechNOW is BIO's blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe to the BIO Newsletter.
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