SYDNEY, June 17 (Xinhua) -- A new report released on Tuesday highlighted Australia's potential to lead in the rapidly expanding global bioeconomy, a sector forecast to account for up to one-third of the world's economic value by 2040.
The report from Queensland University of Technology (QUT) and the Australian Research Council Center of Excellence in Synthetic Biology, warns that, without urgent national coordination, Australia risks losing ground to other major economies that have already adopted comprehensive bioeconomy strategies, according to a QUT release.
The global bioeconomy, which encompasses industries leveraging biological resources like plants, animals and organic waste to sustainably generate food, energy and materials, is currently valued at approximately 4 trillion U.S. dollars, the report said.
According to recent projections, this sector is expected to surge to 30 trillion U.S. dollars by 2040, potentially accounting for one-third of the world's total economic value.
Australia's abundant biomass and strong research capabilities give it a competitive edge in the bioeconomy, with key opportunities in sustainable biomanufacturing, precision fermentation for new food ingredients, and renewable fuels like sustainable aviation fuel from agricultural byproducts, according to the report.
"It is a pivotal moment of economic transformation for Australia, which is driven by the shifting global market, rapid technological advancements and the move towards a low-carbon economy," said the report author, Ian O'Hara from QUT.
The report calls for establishing a national strategy to set priorities and coordinate efforts, investing in the development and supply of sustainable feedstocks, a skilled and adaptable workforce, and effective pathways to commercialize research. ■
