Next year, the European Commission (EC) and the European Investment Bank will launch a new fund for the purpose of accelerating private investment in bio-based markets, or “all economic activity that uses land and aquatic biomass to generate new bio-based materials, chemicals or processes.” The investments into the bioeconomy is projected to also positively impact the food and agriculture sectors in Europe. The EC will provide €100 million ($118.1 million) from Horizon 2020, while further funds will be requested by public and private funding sources.

The EC is focused on exploring technological innovations within bioeconomy. Biofuel is the most popular bioeconomical product, but communities all over Europe have been using natural resources for other needs, such as Sicilian families recycling frying pan fat into fuel and English farmers using lavender for cosmetics. Analysts at the European Investment Bank estimate that all the bioeconomy-related sectors amount to approximately €2 trillion ($2.4 trillion) in Europe and already create employment opportunities for over 17 million people, 8% of the EU workforce.

Source: Science|Business