The European Commission, advised by the European Investment Bank, is initiating a new bioeconomy fund, with €100 million in EU funding, that is due to start by the end of 2018.
Searching for green alchemy, the report of a market consultation conference organised by the European Investment Bank and the European Commission, highlights the six suggestions that participants raised, to make the fund a success. The initiative should be open to as wide a range of investors as possible, from companies to wealthy individuals. Other recommendation is to complement the fund, the EU should continue gathering and publishing data on funding gaps in the bioeconomy.
The initiative will aim to finance innovative bioeconomy projects including efforts to use or recycle land or aquatic biomass to generate new biobased materials, chemicals or processes. It could benefit many sectors, such as bio-based industries, the agri-food chain and aquatic resources.
By European Commission’s estimates, all of the bioeconomy-related sectors from food onward amount to annual turnover of around €2.2 trillion in Europe and offer employment to around 9% of the total EU workforce. “Sustainability is becoming the motor of the new economy,” said John Bell, director of bioeconomy at the European Commission’s Directorate-General for Research and Innovation. “We’re at the beginning of a green rush where entirely new value chains are being created.”
The European Union is investing in more efficient ways to recycle and innovation in materials. MSC R&D is here to help companies obtain funding they need for disruptive technologies in support of the circular bioeconomy.