The European Commission released its new bioeconomy strategy to push forward its plan to strengthen the European economy by making it more resilient and self-sustaining, without relying on fossil fuels.
“The bioeconomy holds the answer to combining prosperity with environmental protection. It restores ecosystems while leading on biotechnologies,” said the Commission’s Executive Vice President for Clean Energy Teresa Ribera while presenting the strategic framework. The Commission estimated in 2023 that the bioeconomy is worth up to €2.7 trillion and employs 17.1 million people directly, with three indirect jobs created for every direct job in the bioeconomy.
The Commission aims to boost innovation and investment, with a renovated and simplified legal framework that should incentivise private investors and move the actual use of bioeconomic innovation into industrial sectors.
“This is a growth strategy that will increase our resilience and competitiveness, and at the same time ensure that nature and healthy ecosystems remain the backbone of our economy,” said Commissioner for Environment Jessika Roswall.
To propel this growth, the Commission will work to identify the right industrial sectors to grow those solutions, starting from already bio-based sectors. Those include plastics, fibres, textiles, chemicals, fertilisers, plant protection products, construction materials, biorefineries, advanced fermentation and permanent storage of biogenic carbon.
The Commission wants to use existing funds to support such projects, and to that end, it will set up a Bioeconomy Investment Deployment Group to better identify promising projects. Another cornerstone will be the creation of a Bio-based Europe Alliance that will group EU companies interested in buying bio-solutions worth €30 billion by 2030.
