If the Government changed its attitude towards waste it could become a resource worth tens of billions of pounds, according to a report.

The report, Waste or resource? Stimulating a bioeconomy published by the House of Lords Science and Technology Committee, says waste should be viewed as an opportunity rather than a problem.

The report calls for the creation of a Waste Champion to help develop a ‘brass from muck’ bioeconomy. It says the UK could convert the 100 million tonnes of carbon-containing waste into valuable products such as fuels, flavours and fragrances, plastics, paint or pharmaceuticals. It estimates that the potential size of this economy could be tens of billions of pounds.

Lord Krebs, chair of the House of Lords Science and Technology Committee, said: ‘Our investigation has revealed that the UK, which generates hundreds of millions of tonnes of waste every year, has the scientific know-how and the industrial will to turn this waste into wealth.

‘But we are concerned that the Government is not seizing this opportunity — there is a huge amount at stake here, economically and environmentally, and no single department appears to be leading the way.

‘Our report clearly shows that where there’s muck, there’s brass. Waste, traditionally seen as a problem, needs to be viewed as a hugely valuable resource, one which could generate a substantial economy of its own. We must not let this opportunity pass us by.’

Research by Professor Greg Tucker, from the University of Nottingham, was featured in the report outlining how food and agricultural waste can be used to produce biofuels such as ethanol.