Updated European Bioeconomy Strategy welcomed by BIC as a "necessary step" towards global GHG emissions reduction
The Bio-based Industries Consortium (BIC) welcomes the European Commission’s update to its Bioeconomy Strategy saying that the communication of this update is timely, given the recent urgent call to action from the Intergovernmental Panel on Climate Change (IPCC).
"We especially welcome the focus on scaling-up the bio-based sectors by supporting innovation and unlocking investments and markets, and deploying the bioeconomy across Europe," said BIC in a recent statement.
The Bio-based Industries Consortium (BIC) is a non-profit organisation set up in Brussels, Belgium in 2013 that represents the private sector in a Public-Private Partnership (PPP) with the European Commission. The current Bio-Based Industries Joint Undertaking (BBI JU), an EUR 3.7 billion public-private partnership between the EU and BIC, ensured that innovation and private investments remained within the Member States, while also attracting investments from outside the EU.
According to BIC, the IPCC summary report for policymakers published last week clearly mentions that industry is the key driver for addressing climate change and the UN Sustainable Development Goals (SDGs) and that carbon dioxide (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 (PPPs) 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 mobilising public and private stakeholders, de-risking investments from innovative bioeconomy projects and facilitating deployment of new sustainable biorefineries, said Dirk Carrez, BIC Executive Director.