Fund raised through public-private partnership aims to create jobs in rural regions, and offer Europeans new and sustainable products sourced and produced locally
The European Commission (EC) has launched a €3.7 billion public-private partnership (PPP) fund that will be used for the development of bio-based industries in the European Union.
The €3.7 billion fund is a Bio-based Industries joint undertaking (BBI) between the European Union and the Bio-based Industries Consortium, a Belgium-based industrial association. The fund will be used to utilise Europe’s untapped biomass resources and wastes as feedstock to make fossil-free and greener everyday products using innovative technologies.
The time period of investing the fund is between 2014 and 2020. Of the total amount, the EU will contribute around €975 million, while the Bio-based Industries Consortium will contribute €2,730 million. The project will create new jobs, especially in rural regions, and offer Europeans new and sustainable products sourced and produced locally.
"The bioeconomy has huge potential that is attracting investments all around the world,” said Maire Geoghegan-Quinn, organisation's commissioner for research, innovation and science while launching the scheme on July 9th. 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," Geoghegan-Quinn told media.
Reportedly, the fund forms a part of the European Union's wider Horizon 2020 research funding programme, which aims to provide solutions for issues relating to the bloc's economic growth, creation of jobs, industrial competitiveness and the wellbeing of citizens.
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