In Minnesota, the Bioeconomy Coalition of Minnesota, who announced their 2014 Minnesota legislative agenda today at the Minnesota Green Chemistry Conference, is proposing the creation of a new production incentive program for renewable chemicals and advanced biofuels. \u00a0The incentive program has the potential to spur the creation of up to 12,000 new jobs and help to dramatically expand an industry that offers an average wage of $75,000 per employee.<\/p>\n
Senator Tom Saxhaug and Representative Jeanne Poppe are chief authors for the measure.<\/p>\n
\u201cThis is a big opportunity for our state to use agricultural feedstocks to produce high value renewable chemicals,\u201d said Representative Poppe. \u201cWe can build on the success of our ethanol industry with advanced biofuel production.\u201d<\/p>\n
Senator Tom Saxhaug noted that the economic opportunity is statewide. \u201cI represent an area with a forest products industry, and this is the best chance we have to reverse the decline in that industry in recent years.\u201d<\/p>\n
Several Minnesota companies have the potential to utilize wood to produce high value chemicals and fuels. Advanced biofuel production opportunities also exist for other agricultural feedstocks, and the Twin Cities metro area is a prime location for company headquarters and research and development.\u00a0 Approximately 415 bioindustrial companies are operating or headquartered in Minnesota today and the industry employees approximately 11,000 Minnesotans. Early stage companies like Segetis and BioAmber have brought in nearly $200 million in venture capital funding, and applied for or received more than 200 patents. Minnesota\u2019s industry includes established companies like industry-leader NatureWorks LLC.<\/p>\n
\u201cAdvanced biofuel and biochemical production through environmentally-friendly, green chemistry offers the potential for significant job growth in Minnesota.\u00a0 We are better positioned than any other state or country to embrace the opportunity of this technology,\u201d said Minnesota House Majority Leader Erin Murphy. \u201cWe need to take action to position us for statewide economic growth.\u201d<\/p>\n