THE bioeconomy has been highlighted by the Government as an important source of high-value jobs and green economic growth, with an estimated market worth of £100 billion per annum.

York is undoubtedly leading the field with its BioVale initiative, which was last month featured as the main case study in a report by the Department of Business, Innovation and Skills, which highlighted the work that is being done to increase the use of raw materials sourced from waste products.

Investments in BioVale are expected to lead to the creation and safeguarding of 45,000 new jobs by 2025, as well as more than £2 billion per annum worth of additional economic activity, to create a bioeconomy of more than £12 billion in Yorkshire and the Humber.

The report described Yorkshire and the Humber as having all the assets to become a leader in the bioeconomy, but said these assets are not yet sufficiently integrated or linked together and gaps exist between the region’s agriculture, industry and knowledge base.

The report said: “BioVale is a new initiative to respond to this by developing and promoting Yorkshire and the Humber as an innovation cluster for the bioeconomy, building on the region’s unique combination of world-class science, innovative agriculture, and bio-based industry.”

City of York Council is a founding member of BioVale, and is working in partnership with the University of York, the Biorenewables Development Centre, the Food and Environment Research Agency, Askham Bryan College, and businesses in the region, including AB Agri, Drax, and Croda, to develop new supply chains and attract new investment in the bio economy.

BioVale was described in the report as providing a “one-stop-shop” bringing together business and academia to support the development of innovative, high-value products and processes.

BioVale will also work with the Local Enterprise Partnerships and central government to deliver against the objective that universities should play a stronger role in economic development.

The Biorenewables Development Centre, based at York Science Park, and the University of York have already helped facilitate a Memorandum of Understanding between BioVale and Industries & Agro-Resources in France, and have brought forward an agreement with similar clusters based in Holland and Germany. This has led to joint-research and co-operation on developing new markets.

Although BioVale only formally came into existence in July 2014, it has already achieved a number of successes, including helping four companies to relocate to the region from other parts of the UK, and the US, in order to access regional facilities and expertise.

BioVale and Askham Bryan College has also started a major project to improve bio economy workforce skills and will deliver specialised skills support for more than 200 trainees by this summer.

Last month Greg Clark, minister for universities, science and cities, visited the University of York to officially sign over £122 million of funding allocated through the government’s Growth Deals.

Mr Clark said: “Science is massively important, both locally and nationally.

The future prosperity of the country depends on making the most of the strengths we have in science, and York is one of the shining lights.”