The European Union along with industry leaders have launched a new European joint venture to trigger investment and create a competitive market for bio-based products and materials sourced and manufactured in the EU.
€3.7 billion will be injected into the European economy between 2014 and 2024 – €975 million from the European Commission and €2.7 billion from the Bio-based Industries Consortium – to develop an emerging bio-economy sector. Through financing of research and innovation projects, the consortium will create new and novel partnerships across sectors, such as agriculture, agro-food, technology providers, forestry/pulp and paper, chemicals and energy.
The focus of the BBI is to use Europe’s untapped biomass and wastes as feedstock to make fossil-free and greener everyday products. At the heart of it is advanced biorefineries and innovative technologies that will convert renewable resources into sustainable bio-based chemicals, materials and fuels.
Organised into five value chains that range from primary production to consumer markets the BBI will help fill the innovation gap between technology development and commercialisation, sustainably realising the potential of bio-based industries in Europe.
Máire Geoghegan-Quinn, European Commissioner for Research, Innovation and Science, said:
The bio-economy has huge potential that is attracting investments all around the world. With this new partnership, we want to harness innovative technologies to convert Europe’s untapped renewable resources and waste into greener everyday products such as food, feed, chemicals, materials and fuels, all sourced and made in Europe.
The BBI will manage the investments in the form of research and innovation projects that are defined in annual Calls for Proposals and implemented across European regions. In line with Horizon 2020 rules, all stakeholders are invited to submit innovative proposals and demonstrate progress beyond state-of-the-art.