BBI PPP: investing 3.7 billion euros in Europe to revitalize the bio-based economy

Release date: 2014-08-14

The European Bio-Based Industry Public-Private Partnership (BBI PPP) announced that it will use a new “European Union” form for the Bio-Based Industry (BBI) and invest 3.7 billion Euros in 2014–2024 for bio-based and “Europe” Manufacturing “products create a more competitive market and attract more investment.

It is reported that of the 3.7 billion euros that BBI PPP expects to invest, 975 million euros will come from the European Commission and 2.7 billion from the Bio-Based Industry Alliance (BIC). The “joint enterprise” is responsible for the management and operation of specialized entities. The European Commission and company representatives form the board of directors to make decisions on the allocation of funds. The goal of BBI PPP is to use Europe's untapped biomass and waste, such as feedstock, to make energy consumables and greener everyday consumables. At its core is the use of advanced biorefinery and innovative technologies to transform renewable resources into sustainable bio-based chemicals, materials and energy.

BBI PPP has played a catalytic role in the transition from relying on fossil energy and imports to sustainable economic growth in Europe. The program is expected to create tens of thousands of jobs, and 80% of jobs will occur in rural areas, which is expected to revitalize industry, increase farmers' income, and reduce greenhouse gas emissions by more than half.

Why is the bio-based economy favored by Europe?

Máire Geoghegan-Quinn, European Commissioner for Research, Innovation and Technology, said: “The enormous potential of the bioeconomy is attracting investment from around the world. Through this form of cooperation, we can use innovative technologies to transform unused renewable resources and waste. The green products needed for daily life, such as food, feed, chemicals, energy, etc., all come from Europe and are made in Europe."

As a member of the European Bio-Based Industry Public-Private Partnership, Peder Holk Nielsen, CEO of Novozymes, a global leader in industrial enzymes and microbial preparations, believes that “BBI PPP is a public-private partnership that has never been seen before because it is committed to Bringing bio-based technology to market is our chance to achieve sustainable growth in Europe."

Source: Chinese Journal of Science

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