Australia’s place in a future biofuels boom could be lost to fast-moving rivals in Singapore unless the government acts quickly to treat agricultural waste and food scraps as its next strategic fuel reserve.

Old cooking oils, waste matter from crops like sugarcane and food scraps from households can be turned into carbon-neutral fuels and chemical catalysts that airlines, steelmakers and even motorsports like Formula 1 are increasingly hoping will minimise their carbon footprints.