SYDNEY, Dec. 4 (Xinhua) -- A new report by Bioenergy Australia and auditing giant KPMG is calling on Australia to fire up its bioenergy sector.
Released on Tuesday, the document outlines how the country could harness around 3.7 billion U.S. dollars of potential investment, with huge opportunity for development projects in regional areas.
"There is a new industry waiting to be developed for bio-chemicals which can replace the need for fossil-fuel based derivatives entirely," Bioenergy Australia chief executive Shahana McKenzie said.
"If we don't seize this opportunity we will be left behind and end up importing what could be made locally, with significant economic and environmental impacts."
Created from organic materials such as food waste, plant matter and even sewage, solid and liquid biomass can generate bioenergy in the form of electricity, heat, gas and fuels.
As well as boosting energy security and creating more jobs, the report indicates that by utilizing waste streams more efficiently it can drastically lower emissions.
"There is no shortage of viable options we can implement to drive us forward, and we hope the Bioenergy Australia State of the Nation report can be this force for change in the sector so Australia can leverage the wide-ranging potential benefits of a bio-economy before it's too late," McKenzie said.
While Australia is ranked 19 out of 24 when it comes to bioenergy contribution among OECD countries, the Australian State of Queensland has managed to power ahead of the rest of the country with the vast majority of Australia's 179 commissioned bioenergy projects, commissioned in the Sunshine State.
"Queensland has adopted a number of successful policies which can be adapted and deployed to drive bioenergy uptake across the country," McKenzie said.
"They have a government who recognises bioenergy as a priority industry, actively rolling out new projects through the delivery of the Biofutures Roadmap and Biofutures Program."
"Queensland is driving the bioenergy agenda on a number of fronts, and should be commended for the incredible work happening across the state."