Certainly, greenhouse gas emissions are not the only consideration to be borne in mind in choosing a particular biofuel, and there is the matter of production-costs and the feasibility of making the fuel on the large scale, if any significant substitution for petroleum-derived fuels is to prove practical.
But central bank balance sheets are ultimately the liability of taxpayers: only elected governments have the legitimacy to decide what fiscal risks should be borne by citizens.
Regardless of how effective the filters might be, the idea that the only thing standing between a functional GPS system and a constellation of space-borne paperweights is a private company's privately-developed, privately-operated filtering equipment... but then again, we love LTE.