Bio-based industries 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 are being 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 diversifies 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.
BBI JU strategic ambitions for the bio-based economy by 2030
- Reindustrialise Europe by creating a rural infrastructure for biomass production, mobilisation and processing in biorefineries, thus regenerating underdeveloped and/or abandoned regions
- Diversify & grow farmers’ revenues
- Create 700.000 jobs on all levels of which 80% in rural and currently underdeveloped areas
- Increase biomass supply in Europe by 20% by increasing productivity and sustainable mobilisation
- Boost the mobilisation and valorisation of 25% of unused sources (by-products and biowaste), pursuing ‘zero-waste’ bio-based operations with subsequent closure of the biocycles
- Replace 30% of fossil-based chemicals & materials production in Europe
- Meet 6% of Europe’s transport energy demand by sustainable advanced biofuels8
- Support the European market for bio-based fibres and polymers such as viscose, carbon fibres, nano-cellulose derivatives and bioplastics to grow rapidly
- Reduce EU dependency on imports of fossil-based raw materials, protein, phosphate and potash
- Reduce greenhouse gas emissions (GHG) of new BBI JU bio-based products on average by at least 50% compared to their fossil alternatives
The BBI JU aims to invest € 3.7 billion in bio-based innovation between 2014 and 2020: € 975 million have been committed by the European Commission and € 2.7 billion by the private sector. For every euro of public funding BBI JU expects to leverage € 4,4 of private financial contributions: in the first 3 years, bio-based industries have reported € 192 million in-kind operational project contributions and € 1.95 billion of additional activities. The BBI JU contributes to green growth in Europe, reindustrialisation and development of rural areas, and helps the transition towards a Circular and Low Carbon Economy creating new markets for bio-based products and finding synergies between European financial instruments. ‘The BBI JU – An Institutional PPP supporting the Bioeconomy Strategy’ describes the current and future impacts of the BBI JU with some concrete examples.
The bioeconomy is at the centre of sustainable development strategies worldwide and can bring huge opportunities in achieving the Sustainable Development Goals (SDGs).
‘Bioeconomy and the UN Sustainable Development Goals’ illustrates the strong link between the SDGs, the bioeconomy and the Bio-Based Industries with concrete examples.