Biofutures: Advancing Queensland
Global revenue from biofuels is forecast to reach US$80 billion by 2020. Worldwide, the market for biofuels, bio-based chemicals and bioplastics is expected to be worth US$1,128 billion by 2022.
We support the biofuel industry through the Queensland Biofutures initiative. This includes a 10-year roadmap and action plan to help advance thousands of high-value and knowledge-intensive jobs across Queensland.
Helping Queensland develop knowledge and infrastructure in this area is a great way to encourage innovation and investment in our state. Key components of the Biofutures roadmap and action plan include:
- The establishment of Biofutures Queensland including the appointment of a Biofutures Industry Envoy and a jointly-funded Research Chair
- $5 million Biofutures Industry Development Fund
- $5 million commercialisation program
- $4 million Biofutures Acceleration Program.
Queensland biofuels mandate
The biofuels mandate will provide certainty so the industry can invest, innovate and grow as part of a cleaner, greener future for Queensland. A flourishing biofuels industry will create the foundation for a new high-value bio-manufacturing industry.
The mandate commenced on 1 January 2017. Service stations who are required to meet the mandate need to ensure that ethanol makes up 4% of their total regular and ethanol-blended petrol sales each quarter. For example, if 4 out of every 10 litres of regular unleaded petrol sold is E10 (which contains 10% ethanol) then the requirement has been met.
Motorists remain free to choose the fuel they use, based on suitability and personal preference.