Europe to invest billions in bio over next decad - sportstextiles: Lea SportsTextiles

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Europe to invest billions in bio over next decade

17/07/2014
European companies and the European Union are to inject €3.7 billion over the next 10 years as part of a recently launched project called the European Joint Undertaking on Bio-based Industries (BBI).

The aim is to use Europe's untapped biomass and wastes as feedstock to make fossil-free and greener products. At the heart of it are advanced biorefineries and innovative technologies that will convert renewable resources into sustainable bio-based chemicals, materials and fuels.

Between 2014 and 2024, the European Commission will invest €975 million and the BBI Consortium €2.7 to develop the emerging sector.

Peder Holk Nielsen, CEO of Novozymes, said: “The BBI is an unprecedented public-private commitment because of its focus on bringing bio-based solutions to the market. It is an opportunity to deliver sustainable growth in European regions and to reverse the investment trend currently going to other regions of the world.”

The BBI is estimated to create “tens of thousands” of jobs (80% in rural areas), revitalise industries, diversify farmers’ incomes and reduce GHG emissions by at least 50% in comparison to fossil-based applications.

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