EU join forces with 48 companies, investing 3.8 billion euros in bio-based economy
The European Commission has proposed a 3.8 billion euro Public Private Partnerhsip (PPP) on bio-based industries, in order to accelerate the commercialization of bio-based products in Europe.
EU will invest 1 billion euro and the industry, comprising 48 companies including Novozymes will invest 2.8 billion euro from 2014-2020 to boost market uptake of new bio-based products that are “made in Europe”.
The partnership aims at promoting the use of various sources of sustainable biomass and waste to produce everyday products such as food, feed, chemicals and fuels.
It is hoped that the use of local biomass and waste will generate growth and jobs in rural areas across European regions, while reducing the EU’s reliance on fossil fuels, thereby offering sustainable alternatives to oil-based products and enhancing energy and food security.
“The bio-based Industries PPP is essential for Europe to remain competitive in the global race for the development of a bio-based economy,” says Novozymes CEO Peder Holk Nielsen. “It is an opportunity for reindustrialization and for reversing the investment trend currently going to other regions of the world because of more attractive policy frameworks.”
The PPP, part of EU’s Innovation Investment Package will try to capitalize on Europe’s innovation and technological leadership to bring bio-based solutions from research labs to the market. Various sectors will be brought together to optimize and create new value chains, such as connecting farmers and foresters directly to consumers.