Delivering on the European Green Deal’s objectives and ensuring food security requires a strong bioeconomy
Fit for the world in 2023 and beyond
The Covid-19 pandemic shook global supply chains as never before, stressing how interconnected the world really is. Russia’s invasion of Ukraine has further destabilised and reorganised global supply chains and markets. Energy and fertiliser prices are hitting new records, food prices are going through the roof, and food insecurity contributes to hunger and instability in already vulnerable regions worldwide.
The transition to a more sustainable, resilient, and competitive economy that places nature and people at its core requires actions across many sectors. The bioeconomy has the potential to contribute to the European Green Deal transition as it encompasses all sectors involving the use of renewable resources from agriculture, forests, and seas, including residues and waste, to produce food, feed, materials and energy, without compromising biodiversity goals. It is by making this shift to bio-based products and processes that Europe will strengthen its resilience and reduce its dependency on fossil and non-renewable resources.
As a catalyst for systemic change, the bioeconomy helps achieve the economic, social, and environmental objectives of the European Green Deal. By seeking new ways of producing and using resources responsibly, it contributes to working within planetary boundaries and takes the EU closer to a circular economy that respects nature. Through a systemic approach to the sustainable use of biological resources, the circular bioeconomy is contributing to the achievement of the UN Sustainable Development Goals (SDGs).
One of the tools to finance this change is the Bio-based Industries Joint Undertaking (BBI JU), launched in 2014 to stimulate innovation and investments. The BBI JU private-public partnership had received a total of €2.6 billion of private investments by the end of 2021, leveraging €822 million in support from the EU. Since 2021, innovative bio-based projects continue to be supported by the successor of the BBI JU: the Circular Bio-based Europe JU (CBE JU), with a strong focus on the EU’s environmental goals and support to local economies.
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