Algae Biomass Organization lauds DOE’s Loan Guarantee program track record

In Washington, the Algae Biomass Organization is reporting favorably on the Department of Energy’s Loan Programs Office’s report that the agency’s program to finance new energy technologies is expected to take in some $5 billion in interest payments-far exceeding many expectations and throwing cold water on claims that the program was a failure.

The financial solvency of this program is good news for those properly concerned about oversight, but take a look at the more tangible accomplishments of the projects DOE supported:

• 56,000 jobs created or saved
• 14 million metric tons of CO2 emissions prevented
• Energy for more than 1 million homes generated
• 900 million gallons of gasoline saved
• Pollution reductions equivalent to taking 3 million cars off the road

Additionally, ABO is encouraging industry players to submit supportive comments as it attempts to convince the Environmental Protection Agency to allow states to use carbon utilization technologies as they attempt to control greenhouse gases. They are encouraging the submission of pre-drafting a letter for EPA Administrator Gina McCarthy that makes that case for carbon utilization.