A NEW REPORT from the Department of Business, Innovations and Skills (BIS) has made claims that the UK bioeconomy could be worth as much as £100bn per year.
Released last week, the report highlighted the economic impact of bioresources and called for government backing of the industry to help it grow.
It pointed to the opportunities in waste, which it says could contribute to generating a fuel supply worth an estimated £2.4bm alone.
Upon publishing the report Business Minister Matthew Hancock wrote: "The UK often leads the world where innovation is concerned and the bioeconomy is no exception. There is a real opportunity for the UK and for our businesses to develop and harness new processes and business models and to export solutions to the global market."
The report went on to make recommendations to help the UK achieve maximum opportunity from the bioeconomy:
- The UK has consistently maintained a globally renowned science base, but we are less renowned for our commercial translation of innovation, says the report. "Our priority is to create a strong innovation ecosystem whereby ideas flow smoothly from research through to commercialisation."
- The sector is constantly looking for new sources of waste materials to use as feedstocks, and the report says Government must collect and share more data on the UK feedstock supply chain and where to find waste streams.
- Government must also provide funding, finance and infrastructure support through bodies like Innovate UK and the Green Investment Bank.
The Anaerobic Digestion and Bioresources Association (ADBA) has 'hugely welcomed' the Government report, asserting that England needs source-segregated food waste collections rather than the one-size-fits all system of today.