Singapore launched a $118m Bioeconomy Funding Initiative (Bioeconomy FI) to strengthen research and development in bio-based chemicals, materials, and products, the Economic Development Board announced. The initiative, under the Research, Innovation and Enterprise (RIE) 2030 Plan, is the country’s largest funding initiative dedicated to the bioeconomy to date. Together with other programmes, it brings Singapore’s commitment to bioeconomy-related initiatives to approximately $200m over the next five years.
The Bioeconomy FI will fund industry-aligned research by public sector research performers in bio-based solutions for specialty chemicals and drop-in biomolecules that can integrate into Singapore’s existing Energy and Chemicals (E&C) industry. It will build on capabilities at the Agency for Science, Technology and Research (A*STAR) and Institutes of Higher Learning (IHLs) to address industry gaps in producing bio-based products.
A dedicated Bioeconomy Innovation Office (IO), hosted by A*STAR, will manage new bioeconomy research and development projects. EDB), as sector lead, will support industry engagement and efforts to capture growth opportunities in the green economy.
The Bioeconomy uses biotechnology and biological resources to produce chemicals, ingredients and materials as alternatives to petroleum-based feedstocks. Singapore’s E&C industry accounts for approximately 20% of total manufacturing output, whilst the global bio-based chemicals market is expected to exceed $256b (US$200b) by 2030.
The initiative aims to strengthen Singapore’s public research capabilities, translate research into commercial applications, help companies diversify raw material sources, and develop higher-performing products, whilst supporting the growth of local startups.
Funding will be distributed over five years through directed and open grant calls focused on developing sustainable raw materials from agricultural sidestreams and improving microbes and enzyme pathways using tools such as artificial intelligence.
It will also support efforts to increase the efficiency of bio-based production, separation and purification, as well as develop commercially relevant products using biological, chemical or hybrid production methods.
