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Biofuels executives express displeasure with Obama policy

Renewable fuels executives say that Obama Administration policy could cause biofuels industry investments to dry up.  Adam Monroe, the North America president of Novozymes, a provider of ethanol enzymes, says the EPA’s Renewable Fuel Standard proposal is not consistent with the administration’s position on climate change.  That, he said during a Wednesday conference call, leaves the biofuels industry on less than dependable financial footing.

“If our investors cannot see a pathway out of this situation, we will lose and are losing investors today, and it’s based upon what we see as political pressure,” said Monroe, during the conference call Wednesday.  “So if this can happen to a global climate champion, we get very, very concerned.”

The EPA’s RFS proposal cuts the volume of ethanol originally proposed to be blended with gasoline in the U.S.  Dan Cummings, President, POET-DSM, which is trying to get corn stover-based cellulosic ethanol off the ground, spoke from Brussels.  He says the EPA’s proposed cuts have chased off potential investors in cellulosic ethanol plants.

“So it’s really caused us to look overseas,” said Cummings, who joined the call from Belgium.  “That’s why I’m here in Europe talking to potential folks to license our technology not only here, but other parts of the world as well.”

In a letter to President Obama, the biofuels executive offer to work with the administration on “a better path forward” regarding the RFS.

AUDIO: Biofuels executives conference call