Australia's next multibillion-dollar export industry could be based on an unexpected mishmash of sugar cane, wood chips, algae, used cooking oil, animal by-products and construction and demolition debris.

The latter is being used by a Queensland company to establish a biofuels production facility - one of three being built in the race to cut emissions from challenging industries.

The company, Wagner Sustainable Fuels, also launched Australia's first biofuel blending facility on Wednesday and chief executive Matt Doyle says the nation could seize a big financial and environmental opportunity if it acts quickly.

"Waste products will be the new oil," he says.

"We, as a country, have a lot of waste products so we can be a major player in sustainable aviation fuel and renewable diesel, and

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