A total of S$118 million in government funding has been allocated for research focused on generating chemicals from biological resources – marking the largest commitment of its kind so far.
Initiated on Monday (Oct 5) as part of the S$37 billion Research, Innovation, Enterprise (RIE) 2030 strategy, this new funding effort aims to tackle industry issues in Singapore’s energy and chemicals sector, contributing to one-fifth of the nation's manufacturing output.
Minister for Education Desmond Lee, who revealed the new initiative, stated that it would aid research by universities and the Agency for Science, Technology and Research by "aligning our strengths with industry demands and broader application."
Jermaine Loy, managing director of the Economic Development Board (EDB), remarked: “Singapore has prospects to enhance our skills in innovation and the manufacturing of higher-value specialty chemicals and advanced materials, while aiding the shift of our current industrial base towards more sustainable production.”
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The new Bioeconomy Funding Initiative seeks to satisfy increasing industry demand for chemicals derived from biological substitutes to petroleum-based feedstocks, like yeast or oil palm.
Drawing on discussions with businesses and investors, the preliminary research will focus on converting by-products, referred to as “sidestreams,” into usable resources; creating innovative production techniques based on microbes and enzymes; and enhancing efficiency in processing and manufacturing.
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R&D initiatives will focus on discovering the optimal combination of biological and chemical approaches to produce commercially viable products, including premium synthetic rubbers. A dedicated office at A*Star will manage these projects, while EDB will oversee industry engagement.
The newest plan expands on earlier financial commitments, and will increase government expenditure on bioeconomy-related projects to about S$200 million in the next five years.
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"Our goal is for the bioeconomy to emerge as a fresh growth driver for Singapore,” remarked EDB’s Loy, highlighting the prospects for new business ventures and employment in sectors like specialty chemicals and advanced materials.