Cutting down rainforests for palm oil plantations for renewable biofuels is [pardon] nuts.
This is inefficient and really stupid. You don't rip out your lungs when you need a breath of fresh air.
This on the other hand is a good idea that could be made to work, and one I suggested here about 3 years ago. Microorganisms can use garbage and the energy of the sun to make hydrocarbons and hydrogen. Craig Venter is smart enough and likely to do this if he sets his mind to it.
The only problem is he might decide to sell the whole process to the very people who will sit on it until they wring every last drop of oil out of the earth if they offer him enough up front.
Or make him an offer he can't refuse.