Insofar as renewables have desirable environmental attributes (and some notably corn-based ethanol may not), the preferable approach is to price these attributes and let the market choose the technologies that produce the best balance between environmental and non-environmental considerations.
Such fibers are abundant and could supply 130 million gallons a year of ethanol that would replace gasoline, although it is still expensive when compared to corn-based ethanol and some early trials have ended in disappointment.