A decade ago, Hawaii made a commitment to producing and using more renewable fuels, for cleaner air, a cleaner environment, reduced dependence on oil and greater local economic security. It was then — and is now — a strong vision. In response, several companies have made significant investments in research and production of many types of biofuels, including locally produced renewable diesel and algae-based fuels.

At the grand opening of the Big Island biodiesel facility nearly three years ago, the late U.S. Sen. Daniel Inouye said, "Let’s not blink this time," referring to previous efforts to reduce reliance on imported oil. Unfortunately, the state Legislature has blinked, passing a bill which, if it becomes law, would repeal Hawaii’s law requiring increased use of biofuels. Gov. David Ige should veto this legislation, Senate Bill 717.

Signing that bill into law will send the wrong signal to companies that have already invested in research to produce biofuels and other renewable energy resources in the state.

Cellana LLC, a leading developer of algae-based bioproducts, has invested more than $100 million in developing its products in Hawaii and signed one of the world’s largest algae-based biofuel agreements with Neste Oil in 2013. Pacific Biodiesel invested more than $12 million to build the Big Island biodiesel facility. Hawaii Bioenergy has developed projects with Boeing and Alaska Airlines to produce renewable jet fuels, with the Department of Energy to produce algae-based fuels, and with Hawaiian Electric to generate renewable electricity and high-density biofuels from renewable bio-based feedstocks.

Hawaii has also been home to the Navy biofuel research conducted at the U.S. Pacific Command. And Hawaii has received over $79 million in USDA energy program funds developing renewable biomass.

As entrepreneurs and investors, we see a remarkable stream of innovations that have and will continue to drive economic opportunities moving away from the traditional fossil fuels of the past and embracing the clean, high-tech fuels of the future.

Renewable sources of transportation fuel — from waste streams to biomass to algae to solar-generated electricity — are being developed and deployed in Hawaii and all over the world. This creates local jobs and boosts Hawaii’s energy and economic security while reducing pollution and greenhouse gas emissions in one of the most pristine and beautiful environments in the world.

Full deployment of these new fuels require continued investment, and investors seek continuity of policy. Passing this legislation will chill future investment in Hawaii to turn research into viable biofuel production, which is the state’s only realistic hope for reducing dependence on imported fuels and breaking our addiction to fossil fuels.

The overwhelming majority of the energy that Hawaii uses comes from oil — which has to be imported, since the state has no oil reserves. More than half of the state’s oil use is for transportation. This overreliance on oil has led to some of the highest energy costs in the United States, creating an economic drain on Hawaii households and businesses. Repealing the state’s requirement to blend biofuels leaves the people of Hawaii completely dependent on imported oil, the price of which is set by countries half a world away.

Gov. Ige should not join the state Legislature in blinking. He should instead veto this legislation and stand by the state’s commitment to a prosperous and clean energy future through the production and use of renewable energy. Future investments and continued development of technology depend on it.