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Remember the optimist’s creed, “If life gives you lemons, make them into lemonade”?

Well, ConocoPhillips and the Colorado Center for Biorefining and Biofuels are trying to do one better in a new, $5 million research partnership:

“If life gives you pond scum, turn it into alternative fuels. And while you’re at it, fight global warming.”

OK, trying to cram two good ideas into one slogan may make it too long for bumper stickers. But it is a classic example of the creative thinking that promises to reshape Colorado’s future while creating jobs in the new energy economy.

Making fuels from pond scum isn’t a new idea. Nature thought of it millions of years ago when it covered layers of algae and other organic matter with millions of tons of rock to produce today’s deposits of oil and natural gas. But soaring energy prices have encouraged researchers to speed up that natural process.

Algae is very efficient at converting sunlight into oil, so much so that researchers say algae can produce more oil in an area the size of a two-car garage than an entire acre of soybeans. Best of all, in water-short regions like Colorado, algae fuels don’t compete for scarce fresh water resources but can use seawater or wastewater to make biodiesel, biogasoline and other biofuels.

That means algae can be grown in areas where human food can’t be grown, according to Al Weimer, executive director of the center. And how’s this for a kicker: carbon dioxide from power-plant emissions can be used as a feedstock for the algae.

So instead of spewing carbon dioxide into the atmosphere from a coal or natural-gas fired power plant, we can recycle that greenhouse gas into algae-based fuels for cars and trucks — fighting global warming and the OPEC oil cartel at one stroke.

Maybe it’s time to stop using “pond scum” as an insult and start using it to save our wallets and our planet.