The United States could replace 20 percent of petrochemical consumption with bio-based products over the next decade – while creating jobs and capturing a large share of the global renewable chemical market. The key is acting soon, before the current technological and agricultural edge is lost to other nations. Among products made with biochemicals are disposable tableware, printer ink and skin-care lotions, along with numerous compounds for industrial use.
To generate ideas for spurring the industrial side of biotechnology, the Milken Institute, in collaboration with the U.S. Department of Agriculture, convened experts from the public and private sectors in a Financial Innovations Lab – the Institute’s signature miniature think-tanks for generating solutions to specific challenges.
Tags: bio-based chemicals, bio-economy, report, finance, policy, industry
Source: Milken Institute, 2013-02-26.