Brussels: The European Commission has unveiled a new Strategic Framework for a Competitive and Sustainable EU Bioeconomy, aiming to bolster a clean, competitive, and resilient European economy.
According to Cyprus News Agency, this strategy seeks to harness renewable biological resources from land and sea to provide alternatives to critical raw materials, aiding in the transition towards a more circular and decarbonized economy. This initiative is expected to decrease Europe’s dependence on fossil imports.
The bioeconomy is poised to strengthen Europe’s resilience, replace fossil-based materials, and create job opportunities. The strategy supports sustainable solutions using biological resources in sectors like agriculture, forestry, fisheries, aquaculture, biomass processing, and biomanufacturing. It is designed to unlock the potential of these resources, leveraging scientific excellence and industrial bases, and encouraging innovations beneficial to the climate, nature, and society.
With the bioeconomy valued at up to £2.7 trillion in 2023 and employing 17.1 million people (around 8% of EU jobs), it already contributes significantly to job creation and economic growth in Europe. The strategy aims to scale up innovation and investments, develop lead markets for bio-based materials and technologies, and ensure a sustainable supply of biomass.
The Commission plans to create a streamlined regulatory environment that rewards circular and sustainable business models while maintaining EU safety standards. Faster approvals for innovative solutions will support companies, particularly SMEs, in developing and growing in Europe. The strategy also proposes convening a Bioeconomy Investment Deployment Group to facilitate private investment and develop a pipeline of bankable projects.
To unlock investment and enable scale-up, the strategy identifies innovative markets for bio-based materials and technologies. These include sectors such as plastics, fibres, textiles, chemicals, and construction materials. The Commission will boost demand for bio-based content in products, setting targets in relevant legislation.
The strategy emphasizes the need for responsible biomass sourcing, ensuring sustainable management of forests, soils, water, and ecosystems. It promotes circularity and values secondary biomass, such as agricultural residues and organic waste. The Commission will reward farmers and foresters who support sustainable biomass use.
Europe, with its strong research base and innovative industries, is well-positioned to lead globally in sustainable bio-based technologies, materials, and products. The strategy aims to support European industry in accessing global markets and ensuring resource security, enhancing EU’s competitiveness and resilience in a fragile geopolitical climate.
The Strategic Framework for a Competitive and Sustainable EU Bioeconomy builds on the 2012 Bioeconomy Strategy, focusing on industrial deployment, market scale-up, competitiveness, and resilience.