Yes the assumption is that biomass & waste will regrow in a number of years, and that number is usually measured in decades where fossil fuels is measured in hundreds of millions of years.
That is a big assumption and when politicians set 'targets' that have no connection to reality the people tasked with running the system will look the other way if suppliers are using inefficient harvesting methods or are failing to replant the biomass (the diesel emission cheating is a good example of the 'what I don't know can't hurt me' process in action). Biomass is also not where the majority of money is being spent - most of that is going into solar and wind which is providing a miserable return on investment. So it is deceptive to use biomass to exaggerate the "success" of wind and solar.
Please note that I am not against solar and wind if we had economically viable grid scale storage. The trouble is grid scale storage with the capacity required to replace 24x7 baseload is prohibitively expensive and there are no signs that costs will drop by the orders of magnitude required to make it viable.
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