Queensland is leading the charge in Australia's emerging bioenergy industry, which harnesses up to $5 billion in potential investments, a new report says.
The KPMG study commissioned by Bioenergy Australia combed through existing policies across the nation, giving the nod of approval to the Sunshine State for creating a plan to capitalise on the potential of biofuels.
"They have a government who recognises bioenergy as a priority industry, actively rolling out new projects," Bioenergy Australia CEO Shahana McKenzie said at the report's launch on Tuesday.
The group is calling on the federal government to develop long-term policies to help harness the potential of bioenergy, with the report finding its $3.5 to $5 billion potential would be focused in regional Australia.
Globally Australia is in the bottom quarter for bioenergy contribution, ranking 19 out of 24 OECD countries that have been reviewed.
"There is a new industry waiting to be developed for biochemicals which can replace the need for fossil fuel based derivatives entirely," Ms McKenzie said.
"If we won't seize this opportunity we will be left behind and end up importing what could be made locally, with significant economic and environmental impacts."
Bioenergy is sourced from organic material, which can be converted into heat, gas, liquid fuels and electricity.
Speaking at the report's launch in Canberra on Tuesday, former Liberal Party leader John Hewson says it's important for the nation to have a comprehensive waste and bioenergy strategy.
"Short-term politics has again served to only squander significant growth and employment opportunities," Dr Hewson said.
The Australian Renewable Energy Agency has previously flagged the potential of the bioenergy industry, which currently accounts for close to one per cent of the nation's electricity production.
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