EU and Industry Partners Launch €3.7 Billion Investments in the Renewable Bio-based Economy
EU and industry leaders have 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’s biggest societal challenges.
€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 (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.
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