EU, Industry Partners Launch €3.7 Billion Investments in Renewables01 August 2014
UK - 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.
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.
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.
First BBI Call for Proposals focuses on high potential / high impact investments.
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