EC launches new Bioeconomy strategy across Europe

The Bioeconomy offers Europe a chance to strengthen its resilience, replace fossil-based materials and products, create jobs and lead the global shift to clean industries. With this new strategy, the EU will support activities that provide sustainable practical solutions using biological resources in sectors such as agriculture, forestry, fisheries, aquaculture, biomass processing, biomanufacturing and biotechnologies. It will harness the vast potential of these resources; scientific excellence and industrial base, and encourage innovations that benefit the climate, nature and society.

With a value of up to €2.7 trillion (~$3.13 trillion) in 2023 and employing 17.1 million people (around 8 per cent of EU jobs), the EU Bioeconomy already contributes significantly to job creation and economic growth in Europe. Every job in the Bioeconomy creates three indirect jobs in the EU. Examples of products are bio-based chemicals made from algae that are used to produce pharmaceuticals, personal care products and industrial applications. Bio-based plastics are increasingly used in packaging and automotive parts. Also bio-based construction productions, textile fibres and fertilisers are increasingly in demand. However, it still has a huge untapped potential, the EC said in a press release.

The EU Bioeconomy strategy aims to unlock this potential by scaling up innovation and investments, developing lead markets for bio-based materials and technologies, ensuring a sustainable supply of biomass, and harnessing global opportunities.

To lead the bio-tech revolution, innovation and investment need to be scaled up, so that research does not remain in the labs. Scaling up bio-based innovations requires a combination of public and private investments, as well as a streamlined regulatory environment.

The commission will work to create a coherent and simplified regulatory framework that rewards circular and sustainable business models, while safeguarding EU safety standards. Faster, clearer and simpler approvals for innovative solutions will support companies to develop and grow in Europe, especially for SMEs.

The commission will also ensure that existing and future EU funding goes into bio-based technologies. And to stimulate private investment, the commission proposes to convene a Bioeconomy Investment Deployment Group to create a pipeline of bankable projects, share risk more effectively, and crowd in private capital.

To unlock investment and enable scale-up, the commission identified innovative markets for bio-based materials and technologies. These include bio-based sectors, such as plastics, fibres, textiles, chemicals, fertilisers, plant protection products, construction materials, biorefineries, advanced fermentation and permanent storage of biogenic carbon, which have high potential for both economic growth and environmental benefits. The commission will boost demand for bio-based content in products, for example by setting targets in relevant legislation.

The strategy proposes to set up a Bio-based Europe Alliance, which will gather EU companies to collectively purchase bio-based solutions worth €10 billion (~$11.61 billion) by 2030.

With its strong research base and innovative industries, Europe is well positioned to become a global leader in sustainable bio-based technologies, materials, products and expertise.

With this strategy, the EU will support European industry in accessing global markets by securing partnerships that reduce vulnerability and ensuring that Europe is not dependent on a single region or a single resource. In the current fragile geopolitical climate, resource security enhances EU's competitiveness and resilience.

The Bioeconomy covers activities that use biological resources to create added value. It includes products, services, science and technologies benefitting a number of sectors ranging from agriculture and forestry to fisheries and aquaculture. Using biomass processing, biomanufacturing and biotechnologies, the Bioeconomy supports food, health, energy, industry and ecosystem services.

ALCHEMPro News Desk (RR)