Bio-based industries will create new jobs, especially in rural and coastal regions, and offer Europeans new and sustainable products sourced and produced locally. Making the economy more sustainable by using renewable resources in a smart and efficient manner will benefit society as a whole.
Bio-based industries will increase the competitiveness of the European economy through re-industrialisation and sustainable growth. New value chains will be created between often unconnected sectors, ranging from primary production and processing industries to consumer brands.
The development of new bio-based products and markets based on smart and efficient use of resources will diversify industries’ revenue streams. The BBI JU should therefore enable European companies to be more competitive in the global bioeconomy race with the US, China and Brazil.
The BBI JU is expected to bridge European research knowledge with commercial scale bio-based products, making full use of European scientific and technological knowledge. The BBI JU should benefit all Member States where regions can play an important role through their Smart Specialisation Strategies.
A strong European bio-based industrial sector will significantly reduce Europe’s dependency on fossil-based sources, help the EU meet climate change targets, and lead to greener and more environmentally friendly growth.
- Develop the potential of waste as well as agriculture and forestry residues, bio-waste and CO2 (or exhaust gases).
- Diversify and grow farmers’ incomes: up to 40% additional margins with existing residues.
- Replace at least 30% of oil-based chemicals and materials with bio-based and biodegradable ones by 2030.
- Create a competitive bio-based infrastructure in Europe, boosting job creation, 80% of which will be in rural and underdeveloped areas.
- Deliver bio-based products that are comparable and/or superior to fossil-based products in terms of price, performance, availability and environmental benefits.
- The new bio-based products resulting from the BBI will on average reduce CO2 emissions by at least 50% compared to their fossil alternatives.