EU Launches € 50 Million Public-Private Biobased Industries Partnership

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In a July 9, 2014, press release, the European Union (EU) announced the launch of seven public-private partnerships, established under the EU's new research funding program Horizon 2020. They represent a total investment of € 19.5 billion into research and innovation over the next seven years, where the EU contribution of € 7.3 billion will unlock a € 12.2 billion investment from the private sector and the Member States. The press release is available online.

These partnerships work in a number of fields crucial for Europe's economic growth, creation of jobs, industrial competitiveness, and well-being of citizens, one of which is a partnership between the EU and the Bio-based Industries Consortium (BIC). The priorities of this new € 3.7 billion public-private partnership, the Bio-based Industries (BBI) program, include doubling of the share of biobased chemicals produced in Europe (from 10 percent to 20 percent); an increase of biomass mobilization by 10 percent as well as a reduction of imports of protein for feed by 15 percent and fertilizer components used for feedstock production by 10 percent; and meeting of the 15 percent target increase in waste and byproduct utilization by 2020.

Máire Geoghegan-Quinn, European Commissioner for Research, Innovation and Science, stated: "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's untapped renewable resources and waste into greener everyday products such as food, feed, chemicals, materials and fuels, all sourced and made in Europe."

Peder Holk Nielsen, CEO of Novozymes, stated: "The BBI 2014 Call for Proposals is a first step in a long-term strategy that will deliver tangible social, economic and environmental results. It is the outcome of a year-long effort involving the European Commission and the industry following an extensive consultation of experts and stakeholders. It is a visionary call that lays the foundation for an increasingly ambitious and successful initiative." More details on BIC are available online.

Topics:  Biotechnology, EU, Technology

Published In: Energy & Utilities Updates, Environmental Updates, Finance & Banking Updates, International Trade Updates, Science, Computers & Technology Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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