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By Jaryn Vecchio

Investment

Feds invest $5.3M to strengthen bioeconomy and ag sector

Aug 31, 2023 | 2:07 PM

The federal government is investing up to $5.3 million to strengthen the country’s bioeconomy.

The funding is being given to BioFuelNet (BFN) Canada which plans to use it to strengthen the Canadian agricultural sector through increased biomass production, the development of cutting-edge conversion technologies, greenhouse gas (GHG) emission reductions, and carbon sequestration.

“(BFN) will allocate funds to top laboratories across the country and coordinate their efforts, all with a view to conducting research and associated knowledge and technology transfer to drive the growth of Canada’s bioeconomy, through crop biomass management and utilization,” said Donald Smith, CEO of BFN.

The funds are coming from the AgriScience Program – Clusters Component. It was set up to help the country reach net-zero emissions by 2050 and now the federal government’s emission reduction plan for 2030.

“Agriculture has the potential to not only feed the world, but to be a source for renewable bio-based materials, chemicals, and energy,” said. “We are committed to making sure the sector has the tools it needs to reduce our carbon footprint and continue to improve sustainability. By investing in our country’s bioeconomy, the government is keeping the industry competitive, while supporting green initiatives.”

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Jaryn.Vecchio@pattisonmedia.com

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