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As anthropogenic compounds are released into the environment at unprecedented rates, there is an ever-growing need for robust remediation strategies. Bioremediation, a method of immobilizing or transforming contaminants, is cost-competitive, environmentally friendly, and effective. With the global bioremediation market anticipated to grow by $8.29 billion between 2023 and 2028, this method of reducing pollutants represents a rapidly expanding sector of the bioeconomy. Millions of tons of pollutants now contaminate soil and groundwater, posing severe threats to human and environmental health. At the same time, as contaminants of emerging concern such as microplastics, pharmaceuticals, pesticides, and per- and polyfluorinated alkyl substances (PFAS) resist treatment with naturally occurring organisms, it may be useful to expand bioremediation’s toolkit to include genetically engineered microbes for bioremediation (GEMBs). There has been long-standing interest in developing GEMBs to enable faster remediation times and address a wider range of contaminants. Despite decades of investigation and development of GEMBs, none have been commercialized to date. Historically, the perceived need for GEMBs has not been sufficient to overcome the investment and risk in the context of an uncertain regulatory environment and a paucity of fundamental knowledge of GEMBs. However, as industries, environments, and human health experience disruptions from increasingly recalcitrant, widespread, and hazardous contaminants, the value proposition of GEMBs is more compelling than ever before. The contemporary challenges with managing environmental contamination coupled with advances in genetic engineering methods and renewed interest from researchers, developers, and policymakers signal an opportunity to realize the potential of GEMBs. To support safe and efficient development, characterization, and commercialization of GEMBs as a means of urgently addressing environmental contamination, we propose clarifying and restructuring the risk assessment process for GEMBs, establishing an interagency coordination office, collaboratively addressing critical knowledge gaps, and leveraging public-private partnerships.