Danish biotech firm Novozymes is eager to capture opportunities in China. The company intends to intensify its focus on innovation and offering localized biotech solutions, the company states.
China’s optimized COVID-19 response measures have supported the development of the private sector and helped attract more foreign investment, Novozymes said.
Despite headwinds from the pandemic, Novozymes’ China business has played an important role in its overall strategy. In 2022, the company’s sales grew 9% in both emerging and developed markets.
The nation is striving to peak carbon emissions before 2030 and reach carbon neutrality by 2060.
“China’s pledge to achieve carbon neutrality and the comprehensive policy framework put in place to reach this goal will bring more opportunities. It will stimulate green transformation opportunities in various sectors, creating a demand for sustainable solutions,” said Tina Sejersgard Fano, executive vice-president of Novozymes.
Over the past few decades, Novozymes has invested in local manufacturing, research and development capabilities, as well as local talent.
Biotech will play a critical role in reusing organic waste through waste-to-energy applications, including agricultural waste (biomass), waste oil and fats.
China’s annual output of various types of such non-grain biomass resources exceeds 3.5 billion metric tons. This includes 960 million tons of agricultural waste and 350 million tons of forestry waste, according to Sequoia Capital.