Heard on the Floor at BIO: Queensland to invest $100 million in bioeconomy project support

In Philadelphia, the Australian state of Queensland announced $100 million in support of high-value resource recovery industryp.rojects as the state cemented its place ”at the vanguard of the bioeconomy” BioFutures program. The announcement at a Queensland Life Sciences evening event marked a memorable start to the 2018 edition of the BIO World Congress on Industrial Biotechnology which takes place in Philadelphia this week. 

From left to right: Queensland RFA managing director Larissa Rose, Queensland minister of State Development Cameron Dick, and below50 co-founder Gerard Ostheimer celebrating Queensland’s sign-up as a below50 member.

The Queensland Government announced a $100 million funding program to work with business and local councils to develop a high-value resource recovery industry.

The funding will target three areas of focus:

• Infrastructure or machinery up to $5 million on a dollar-for-dollar basis.
• Incentives for the development of new large-scale facilities.
• Support for advanced feasibility studies for innovative resource recovery, recycling and waste management projects.

The funding program is planned to open later in 2018.

Among the bio-glitterati spotted at the Queensland event was Spruce Capital co-CEO Roger Wyse, sporting in a traditional Australian drover’s hat.

“You know that in Queensland you will have a valued and trusted friend, someone you can rely on when you invest in our state,” said Queensland Minister of State Development Cameron Dick in announcing the investment program.

The Minister also announced that Queensland would officially join as a member of the global Below50 movement,  formed by significant corporate and governmental partners working together and committed to lowering global carbon intensity by half. The Minister was joined on stage by Below50 co-founder Gerard Ostheimer and Queensland Renewable Fuels Association managing director Larissa Rose who has been spearheading Below50 efforts in Australia.

A glittering group of international biofuels and agricultural innovation luminaries were at the Queensland event, including Queensland Life Sciences CEO Mario Pennisi, former US Navy director of Operational Energy Chris Tindal, Byogy CEO Kevin Weiss and Mercurius Biorefining Karl Seck, and Queensland’s Biofutures Industry Envoy Ian O’Hara.