President Obama yesterday launched a major new $510m investment plan designed to accelerate the development of for use in military and commercial jets and ships.
Obama announced that the US Departments of Agriculture, Energy and Navy would work together to invest up to $510m over the next three years to support advanced biofuel projects that use non-food stocks such as waste, timber and grasses.
The White House said the investment would be supported by a substantial cost share from private industry, with at least every dollar spent by the government being matched by the private sector.
Biofuels are an important part of reducing Americas dependence on foreign oil and creating jobs here at home, Obama said. But supporting biofuels cannot be the role of government alone. Thats why were partnering with the private sector to speed development of next-generation biofuels that will help us continue to take steps towards energy independence and strengthen communities across our country.
Officials said the new initiative would help the US meet President Obamas stated goal of reducing oil imports by a third by 2025, as well as the Navys target of halving its dependence on fossil fuels by 2020.
Navy secretary Ray Mabus said that the investment would help enhance US security, as well as curb carbon emissions and create jobs.
Americas long-term national security depends upon a commercially viable domestic biofuels market that will benefit taxpayers, while simultaneously giving sailors and marines tactical and strategic advantages, he said.
source: APEC-VC Korea
