{"id":21398,"date":"2014-07-11T03:00:21","date_gmt":"2014-07-11T01:00:21","guid":{"rendered":"http:\/\/www.nnfcc.co.uk\/news\/eu-and-industry-partners-launch-20ac3.7-billion-investments-in-the-renewable-bio-based-economy"},"modified":"2014-07-11T10:46:33","modified_gmt":"2014-07-11T08:46:33","slug":"eu-industry-partners-launch-e3-7-billion-investments-renewable-bio-based-economy","status":"publish","type":"post","link":"https:\/\/renewable-carbon.eu\/news\/eu-industry-partners-launch-e3-7-billion-investments-renewable-bio-based-economy\/","title":{"rendered":"EU and Industry Partners launch \u20ac3.7 Billion investments in the renewable Bio-based Economy"},"content":{"rendered":"

EU and industry leaders have today launched a new European Joint Undertaking on Bio-based Industries (BBI). The aim is to trigger investments and create a competitive market for bio-based products and materials sourced locally and “Made in Europe”, tackling some of Europe\u2019s biggest societal challenges.<\/strong><\/p>\n

\u20ac3.7 billion will be injected into the European economy between 2014 and 2024 – \u20ac975 million from the European Commission and \u20ac2.7 billion from the Bio-based Industries Consortium (BIC) – to develop an emerging bioeconomy sector. Through financing of research and innovation projects, the BBI will create new and novel partnerships across sectors, such as agriculture, agro-food, technology providers, forestry\/pulp and paper, chemicals and energy.<\/p>\n

The aim 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 are advanced biorefineries and innovative technologies that will convert renewable resources into sustainable bio-based chemicals, materials and fuels.<\/p>\n

Organised in five value chains \u2013 that range from primary production to consumer markets \u2013 the BBI will help fill the innovation gap between technology development and commercialisation, sustainably realising the potential of bio-based industries in Europe.<\/p>\n

M\u00e1ire Geoghegan-Quinn, European Commissioner for Research, Innovation and Science, said: “The bioeconomy has huge potential that is attracting investments all around the world. With this new partnership, we want to harness innovative technologies to convert Europe\u2019s untapped renewable resources and waste into greener everyday products such as food, feed, chemicals, materials and fuels, all sourced and made in Europe.”<\/p>\n

Peder Holk Nielsen, CEO of Novozymes, added on behalf of industry partner, the Bio-based Industries Consortium: \u201cThe BBI is an unprecedented public-private commitment because of its focus on bringing bio-based solutions to the market. It is an opportunity to deliver sustainable growth in European regions and to reverse the investment trend currently going to other regions of the world.\u201d<\/p>\n

The BBI is a shift from a fossil- and imports-based society to increase Europe\u2019s share of sustainable economic growth, and is expected to create tens of thousands of jobs (80% in rural areas), revitalise industries, diversify farmers\u2019 incomes, and reduce GHG emissions by at least 50% in comparison to fossil-based applications.<\/p>\n

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.<\/p>\n

First BBI Call for Proposals focuses on high potential \/ high impact investments<\/h3>\n

Also launched today is the BBI\u2019s first Call for Proposals. It is a \u20ac50 million Call (not including industry contributions, which are expected to reach up to \u20ac100 million) that is a first step in a long-term strategy that will deliver tangible social, economic and environmental results. The Call contains a total of 16 topics:<\/p>\n