Canada invests in industrial bioeconomy to reduce GHG emissions
Bioindustrial Innovation Canada (BIC), a not-for-profit business accelerator offers strategic investments and advice to developers of clean, green, and sustainable technologies. Through initiatives like the Clusters Component of the AgriScience Program, BIC helps mobilize industry, government, and academia to address key national issues and advance the bioeconomy. The AgriScience Program, a component of the Sustainable Canadian Agricultural Partnership, supports innovation and research benefiting agriculture and the agri-food sector.
In 2015, Canadian bioproducts producers utilized about 22 million metric tonnes of biomass, with 43% originating from agriculture. This sector generated a substantial $4.27 billion in revenue that year. Moving forward, the global bioeconomy is anticipated to experience significant growth, potentially reaching $10.5 trillion CAD annually by 2030, with Canada’s share estimated at up to $240 billion CAD. The bioeconomy aims to utilize renewable biological resources to sustainably produce food, goods, and energy, thereby driving economic growth. Canada has invested substantially in this sector, including $5.5 million through the Growing Forward 2 framework and $11.2 million via the Canadian Agricultural Partnership.
This funding opens new avenues for farmers to benefit from agricultural by-products that would otherwise be wasted, representing a significant advantage for farmers and contributing to a more sustainable future for all Canadians. The focus on renewable resources and cooperative initiatives highlights a dedication to environmental sustainability and economic growth, and positions Canada at the forefront of the sustainable technology and bioindustrial revolution.
Photo Credit: Canva
