Updated: EU Bioeconomy Strategy

An updated EU Bioeconomy Strategy was recently released by the European Commission, which according to EuropaBio, signals the EU’s continued commitment towards establishing itself as a world leader in renewable resource efficiency, catalyzed by transformative industrial biotechnology.

The 2018 update of the Bioeconomy Strategy aims to accelerate the deployment of a sustainable European bioeconomy so as to maximize its contribution towards the 2030 Agenda and its Sustainable Development Goals (SDGs), as well as the Paris Agreement.

The update also responds to new European policy priorities, in particular, the renewed Industrial Policy Strategy, the Circular Economy Action Plan and the Communication on Accelerating Clean Energy Innovation, all of which highlight the importance of a sustainable, circular bioeconomy to achieve their objectives.

The update proposes a three-tiered action plan to:

1. Strengthen and scale up the bio-based sectors, unlock investments and markets
2. Deploy local bioeconomies rapidly across the whole of Europe
3. Understand the ecological boundaries of the bioeconomy

Since the publication of the first EU strategy in 2012, the increase in EU R&I funds has reportedly resulted in real progress towards the development of a bio-based economy, with the €3.7 billion Bio-based Industries Joint Undertaking (BBI JU) attracting investments, spurring innovation and creating new value chains. BBI JU is a public-private partnership between the EU and Bio-based Industries Consortium (BIC).

Commenting on the strategy launch, Agnes Borg, Director for Industrial Biotechnology at EuropaBio said: “We now call on the EU to shore up the updated strategy with a comprehensive high-level commitment towards building upon the success of the BBI JU. This will create jobs and growth and will help establish the EU as hub for renewable, resource efficient clean-tech on the road to 2030”.

BIC noted the timely update given the recent urgent call to action from the Intergovernmental Panel on Climate Change (IPCC), where its report published earlier this week clearly mentions that industry is the key driver for addressing climate change and SDGs, and that CO2 reductions can only be achieved through a combination of technologies, including the use of sustainable renewable feedstock. The report also mentions that public-private partnerships will facilitate these actions. 

“Although progress has been made, further action and a stimulating policy framework is needed to leverage private investments. A continuation of a public-private partnership for the bioeconomy under Horizon Europe will be an additional driver, allowing implementation of the updated Bioeconomy Strategy in a sustainable way by mobilizing public and private stakeholders, de-risking investments from innovative bioeconomy projects and facilitating deployment of new sustainable biorefineries”, says Dirk Carrez, BIC Executive Director.