Queensland biofutures sparks global interest
An international drive to attract biorefinery investment to Queensland has gained interest from 26 companies in the USA, Asia and Europe, as well as from local companies in Queensland.
The proposals were received in response to the Biofutures Acceleration Program Expression of Interest, with many potential proponents also identifying specific biorefinery development locations and projected job and investment opportunities.
The industrial biotechnology and bioproducts sector, known as biofutures, is a major opportunity to diversify the Queensland economy.
This sector focuses on developing and manufacturing products from sustainable organic or waste resources, rather than fossil fuels and encompasses a range of innovative scientific and industrial technologies.
The Biofutures Acceleration Program is one of several Queensland Government initiatives dedicated to creating a $1 billion sustainable export-oriented industrial biotechnology and bioproducts sector in Queensland by 2026. Almost $20 million in funding has been allocated over three years to realise this vision and support the Queensland Biofutures 10-Year Roadmap and Action Plan.