Industrial Biotechnology: A Key to Green Economic Growth

Strategic Insights -

Washington -- Industrial biotechnology has emerged as a critical tool for green economic growth, offering a solution to reduce greenhouse gas emissions from the production of everyday products. A showcase event in Copenhagen, Denmark, highlighted the role biotechnology plays in creating environmentally conscious products, such as carpets, automobile tires, and biofuels. The Biotechnology Industry Organization (BIO) and EuropaBio emphasized the potential of industrial biotechnology to enable reductions of greenhouse gas emissions associated with production while promoting economic growth.

Key Takeaways:

  • Industrial biotechnology can reduce greenhouse gas emissions by 2.5 billion tons annually, as reported by the WWF.
  • Biotechnology applications in traditional industries, such as textiles and baking, could eliminate 200 million tons of CO2 equivalent emissions annually through process efficiency gains.
  • Substituting biofuels and renewable chemicals for petrochemicals could save nearly 1.7 billion additional tons of annual emissions.
  • Building advanced biorefineries for biofuels and biobased products can create thousands of new green jobs.
  • A report by Bio Economic Research Associates projects nearly 200,000 new jobs and $37 billion in direct annual economic growth from the production of advanced biofuel in the United States.
  • Biobased production of chemicals could contribute as much as $86 billion in sales to the worldwide economy in the near future, as reported by the U.K.'s Industrial Biotechnology Innovation and Growth Team.
  • The Biotechnology Industry Organization (BIO) and EuropaBio have released a letter to the U.N. Climate Change Conference acknowledging biotechnology as a key solution for producing clean, renewable alternatives to petroleum-based fuels and products.

Statistics:

  • 1.7 billion tons of annual emissions could be saved by substituting biofuels and renewable chemicals for petrochemicals.
  • 200 million tons of CO2 equivalent emissions annual could be eliminated through biotechnology applications in traditional industries.
  • 200,000 new jobs and $37 billion in direct annual economic growth are projected from the production of advanced biofuel in the United States.
  • $86 billion in sales could be contributed to the worldwide economy in the near future from biobased production of chemicals.

Sources:

  • Biotechnology Industry Organization (BIO) and EuropaBio's technology showcase in Copenhagen, Denmark.
  • WWF report, "Industrial Biotechnology: More than green fuel in a dirty economy?".
  • Report by Bio Economic Research Associates.
  • Letter from BIO, EuropaBio, and other worldwide biotechnology associations to the U.N. Climate Change Conference.