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Queensland Government eyes biofuels fund to help economy

The Australia-based Queensland Government is to investigate the establishment of a biofutures industry development fund, which would look to financially assist first mover investment in the biofuels industry.

According to local news website Daily Mercury, Premier Annastacia Palaszcuk made the announcement following the second meeting of her Biofutures Cabinet Committee.

"I've said it before and I'll say it again: biofuels could have the same transformative effect on Queensland's economy as the LNG industry, but it won't happen without Government commitment," Palaszcuk said.

"We already have a very constructive relationship with the US Navy, which is extremely interested in Queensland's capacity to produce biofuels for their fleet."

She added that global companies like food and beverage giant Asahi are tapping into Queensland's research expertise in that space.

According to the news website, Palaszczuk said the Biofugres Cabinet Committee had determined that an "early-investment" development fund should be considered.

Palaszczuk added: "We know that access to start-up capital and early investment is often what holds many commercial proposals back, especially in emerging industries.

"If we can step in and assist companies to complete their due diligence, making access to capital simpler for any investment-ready, viable projects, it could be the catalyst for industry-wide momentum.

"In the lead-up to this year's budget, we will work with the Treasurer to see what funds are available and what kind of structure the fund could take."