SINGAPORE, Oct. 19 (Xinhua) -- Singapore has set aside 118 million Singapore dollars (about 92.23 million U.S. dollars) for research into producing chemicals from biological materials, the largest public funding commitment of its kind to date, the Economic Development Board (EDB) said on Monday.
The Bioeconomy Funding Initiative, launched under the 37-billion-Singapore-dollar Research, Innovation, Enterprise 2030 plan, aims to address industry challenges and support the transformation of Singapore's energy and chemicals sector, which accounts for one-fifth of domestic manufacturing output, the EDB said in a statement.
The initiative will target chemicals made from biological alternatives to petroleum-based feedstocks, such as yeast and oil palm, the EDB said.
Initial research will focus on converting industrial by-products, or "sidestreams," into usable materials, developing microbe- and enzyme-based production methods, and improving processing efficiency.
Research and development projects will also explore combinations of biological and chemical processes to produce commercially viable goods, including high-grade synthetic rubber.
"There are opportunities for Singapore to grow our capabilities in innovation and production of higher-value specialty chemicals and advanced materials, while supporting the transformation of our existing industrial base towards more sustainable production," said Jermaine Loy, managing director of the EDB.
The latest initiative builds on previous funding commitments and will bring government spending on bioeconomy-related initiatives to about 200 million Singapore dollars over the next five years. ■