EU and BIC launch initiative for bio-based products
The European Union (EU) and the Bio-based Industries Consortium (BIC) have launched the Bio-based Industries joint-technology initiative (BBI JTI), which will focus on creating new markets for bio-based products.
As part of the initiative, €3.7bn will be invested into the European economy until 2024, to develop an emerging bio-economy sector.
The European Commission (EC) will provide €975m and BIC a further €2.7bn.
BBI JTI seeks to use Europe's untapped biomass and wastes as feedstock to produce fossil-free and greener everyday products.
It will engage in novel partnerships across the agriculture, agro-food, technology, forestry / pulp and paper, chemicals and energy sectors.
BIC executive director Dirk Carrez said: "Without this partnership with the EU, industries across sectors wouldn't have taken the risk to invest in this emerging sector in Europe.
"BBI JTI is an achievement as such, but only the start of a long-term project where the combination of European, national and regional financing instruments will be essential to realise our full potential."
BBI JTI will mainly focus on advanced bio-refineries and technologies that convert renewable resources into sustainable bio-based chemicals, materials and fuels.
BIC chairman and DSM chief technology officer Marcel Wubbolts said: "As the private partner in this new endeavour, we are thrilled about having been able to translate the ambitions of multiple sectors into one coherent vision, and today, into concrete actions that place sustainability at the heart of all business activities."