The Federal Government announced over $6.5 million on Monday for Bioindustrial Innovation Canada (BIC) through the AgriScience Program.
Peter Fragiskatos, Member of Parliament for London North Centre, announced the funding on behalf of Federal Agriculture Minister Lawrence MacAulay.
"This funding underscores our commitment to advancing technologies that will reduce greenhouse gas emissions and increase the value of Canadian agricultural products. Together, we are strengthening our agricultural sector and building a greener future."
The Bioproducts Cluster, led by BIC, will develop specialized technologies that turn renewable resources, such as agricultural residues, into useful bioenergy, biofuels, and biomaterials like ethanol and biodegradable plastics.
MacAulay says the funding will provide new opportunities for our farmers to profit from agricultural by-products that would otherwise go to waste. It's a win for farmers and a step toward a more sustainable future for all Canadians.
Bioindustrial Innovation Canada is a nationally focused not-for-profit business accelerator that provides critical strategic investment, advice, and services to business developers of clean, green, and sustainable technologies.
BIC's Executive Director Meaghan Seagrave says they are pleased with the funding to support the development of emerging technologies that provide benefit to Canada and Canadian farmers.
"Canada's agriculture sector represents significant opportunities for development and commercialization of bioproducts through green chemistry. Integrating agricultural feedstocks and downstream bioproducts into a variety of industry value chains will not only increase Canada's agriculture opportunity but support industrial decarbonization. The Cluster supports project activities that focus on biochemicals, biomaterials, biofuels and energy, as well as novel agricultural tools and practices that will assist in providing sustainable feedstocks and co-products into these applications. These technologies provide added and alternative value opportunities to the sector, complement existing traditional value chains, and support industrial decarbonization, lowering the overall carbon intensity of all sectors involved."
Stats show the revenue from Canadian industrial bioproducts in 2015 was estimated at $4.27 billion. By 2030, the global bioeconomy is projected to reach $10.5 trillion CAD annually, with Canada's estimated share up to $240 billion CAD.
BIC previously received $5.5 million in funding through the Growing Forward 2 framework and another $11.2 million through the Canadian Agricultural Partnership framework.