That justification holds for coal just as much as it does for the act of throwing the biofuel into the power plant. Why is it irresponsible to burn trees that died 400 million years ago but okay to burn trees that died 6 months ago?
Whether you've "offset the emissions" of burning the trees by growing them yourself doesn't matter for the decision of burning the biofuel. You might as well call coal burning carbon neutral if you bury some trees underground in the place you mined the coal.
A brief history of regulation...
A brief history of self-regulation...
Maybe: poor people self-regulating > governments regulating > corporations self-regulating > rich people self-regulating?