Some S$118 million in public funding has been set aside for research into producing chemicals from biological materials – the single largest such commitment to date.
Launched on Monday (5 Oct) under the S$37 billion Research, Innovation, Enterprise (RIE) 2030 plan, this latest funding initiative will address industry challenges in Singapore’s energy and chemicals sector, which makes up one-fifth of domestic manufacturing output.
Minister for Education Desmond Lee, who announced the new initiative, said that it would support research by institutes of higher learning and the Agency for Science, Technology and Research (A*STAR), by “bringing our strengths closer to industry needs and wider application”.
Jermaine Loy, managing director of the Economic Development Board (EDB), noted: “There are opportunities for Singapore to grow our capabilities in innovation and production of higher-value specialty chemicals and advanced materials, while supporting the transformation of our existing industrial base towards more sustainable production.”
Industry opportunities
The new Bioeconomy Funding Initiative aims to meet growing industry interest in chemicals made from biological alternatives to petroleum-based feedstocks, such as yeast or oil palm.
Based on consultations with companies and investors, the initial research will target turning by-products, or “sidestreams”, into usable materials; developing new microbe and enzyme-based production methods; and improving efficiency in processing and production.
R&D projects will also be built around finding the best mix of biological and chemical solutions to create commercially relevant goods, such as high-grade synthetic rubbers. These projects will be managed by a dedicated office housed at A*STAR, and industry engagement will be led by EDB.
The latest scheme builds on previous funding commitments, and will take government spending on bioeconomy-related initiatives to roughly S$200 million over the next five years.
“Our ambition is for the bioeconomy to become a new source of growth for Singapore,” said EDB’s Loy, indicating the potential for new business opportunities and job creation in areas such as specialty chemicals and advanced materials.
