Europe’s multi-billion euro biobased industries continue to go from strength to strength.
The Bio-Based Industries Joint Undertaking (BBI JU), launched in 2014, is a public-private initiative with a 10-year remit to realise the potential of the European market.
And with the help of BBI JU, which is an important vehicle within the European Union’s Bioeconomy Strategy and Horizon 2020 framework, the biobased industries enjoyed 11% growth in 2016. And the Consortium has upped its investment plans by €2 billion, to €5 billion. It has also already surpassed its target to have five operational biorefineries across the continent by the end of the decade.
Philippe Mengal, Executive Director of the BBI JU, said: “It is a remarkable evolution, further illustrated by the fact that we are currently noticing a growing interest from banks and private investors, even from outside the EU. Most of all, it is proof that, through the 65 projects we are funding in 30 countries, the BBI JU is creating unique opportunities for public and private organisations to cooperate, develop their knowledge and establish cross-sector connections to find new ways of valorising Europe’s biomass potential. Effectively, the figures show that BBI JU is successful in organising, structuring as well as shaping new value chains, de-risking private investment and reaching the critical mass needed to create value for Europe and its citizens.”