A report by Queensland University of Technology (QUT) highlights opportunities for Australia’s bioeconomy and food systems. Outlining five key recommendations to advance the sector, the report calls for a national strategy to build a sustainable economic future.
The bioeconomy refers to economic activity that uses biological resources to sustainably produce food, energy and materials. The report identifies growth areas such as the biomanufacturing of sustainable products and the development of new foods.
Published by researchers from QUT and the ARC Centre of Excellence in Synthetic Biology – Madeline Smith, Jerome Ramirez and Ian O’Hara – the report outlines five key steps to advance Australia’s bioeconomy:
- Develop a national bioeconomy strategy.
- Cultivate economic and scalable bioeconomy feedstock.
- Build infrastructure to scale bioeconomy solutions.
- Grow bioeconomy workforce skills.
- Invest in bioeconomy research, development and translation.
According to O’Hara, the global bioeconomy is predicted to grow to US$30 trillion by 2040. With many countries already implementing national strategies, he noted Australia’s advantage and urged timely action.
“As examples, Australia is at the forefront of developing new food ingredients including proteins produced through precision fermentation and has the potential to lead in the development of sustainable aviation fuels from agricultural industry byproducts,” said O’Hara.
“Australia has one of the best biomass resources in the world which provides a huge advantage in the development of these industries.
“By unlocking the value of these resources, we can add value to Australian agriculture and grow new biomanufacturing industries across regional areas.”
The report demonstrates how Australia’s bioeconomy can diversify revenue streams while supporting a low-carbon future.