I know this is naive, but lets consider how much new technology gets created during war - when the entire nation has a common goal. If people were to forget just about their income and profit for a couple years and decide its time to create a green fuel and retrofit the plants to produce that, I have no doubts that it is an achievable goal.
The economy we've created and subscribed to and the philosophy of business is to not do that though, regardless of its impact on the earth. China's fucking us in the bum with all of their unfiltered emissions and a giant population, and its true - it'll take a crisis to make anyone change. The bio fuel is a cool start though.