Europe plants €3.7bn in biobased economy

A shift from a fossil- and imports-based society

The partnership represents a shift from a fossil- and imports-based society to increase Europe’s share of sustainable economic growth, and is expected to create tens of thousands of jobs, with 80% in rural areas, revitalize industries, and diversify farmers’ incomes. The initiative will also help combat climate change, as biobased products reduce greenhouse gas emissions by at least 50% in comparison to fossil-based applications – a number as high as 90% in terms of advanced biofuels from agricultural residues and municipal solid waste when compared to oil-based fuels.

Every single day the world uses almost 100 million barrels of oil – an addiction to a non-renewable energy source that has proven difficult to break. #

 

More than 70 leading, European companies in the biotech, chemical, energy, agro-food and pulp and paper sectors are part of the initiative.

 

Concrete examples of projects the PPP intends to support include advanced biorefineries that turn agricultural and forestry residues or municipal solid waste to biochemicals and advanced biofels. By 2020, the ambition is to have at least five flagship biorefineries – each of which is expected to generate feedstock supply chain jobs between 12,000 to 18,000 annually1. In 2012, a report by Bloomberg New Energy Finance concluded that in Europe alone more than 1 million jobs can be created from transforming agricultural residues into advanced biofuels – while generating economic growth, reducing greenhouse gas emissions and contributing to energy security by 2030.