The European Commission has approved a bioeconomy strategy for the EU. The goal is a clean, competitive, and resilient European economy. The EU is moving towards a circular economy and a low-carbon economy and is seeking to reduce its dependence on fossil fuel imports. This will be achieved by utilizing renewable natural resources from land and sea and developing alternatives to critical raw materials.
The bioeconomy can help Europe strengthen its resilience, replace fossil-based materials and products, create new jobs, and set an example in the transition to clean industry. With its new bioeconomy strategy, the EU is encouraging the development of sustainable bio-based solutions for practical use across agriculture, forestry, fisheries, aquaculture, biomass processing, biomanufacturing, and biotechnology.
In 2023, the EU bioeconomy was worth €2.7 trillion and employed 17.1 million people (around 8% of EU jobs). The bioeconomy is therefore already significant for jobs and economic growth in Europe. Each bioeconomy job indirectly creates three other jobs in the EU. Examples of bioeconomy products include bio-based chemicals made from algae, which are used in medicines, hygiene products, and industry. The use of bioplastics in packaging and car parts is growing all the time. Demand for bio-based construction products, textile fibers, and fertilisers is also growing. However, there is still enormous untapped potential in this sector.
The EU’s bioeconomy strategy aims to tap into this potential by investing in innovation and investment, creating a frontrunner market for bio-based materials and technologies, ensuring sustainable sourcing of biomass, and exploiting global opportunities.
Putting bio-based innovations into practice
For Europe to be a leader in biotechnology, it needs to scale up innovation and investment and translate research into practical products. Scaling up bio-based innovations requires both public and private investment.
The Commission is working to create a coherent and simple regulatory framework that encourages sustainable circular economy business models.
The Commission will also ensure that EU funding is targeted at bio-based technologies now and in the future. The Commission proposes to set up a Bioeconomy Investment Deployment Group to help increase private investment and create a pipeline of bankable projects.
Leading markets for bio-based materials and technologies
In order to increase investment and scale up innovation, the Commission has identified markets that are innovative in terms of bio-based materials and technologies. The Commission is increasing demand for bio-based content in products, for example, by setting targets for this in relevant legislation.
Ensuring the sustainable use of biomass
It is important to improve competitiveness now, but at the same time, we must build resilience for the future. Europe is largely self-sufficient in biomass, but we must ensure that this remains the case in the future.
That is why the EU’s bioeconomy strategy emphasises responsible biomass sourcing. The solution to this is to promote the circular economy and increase the value of secondary biomass, such as agricultural waste, by-products, and organic waste. The Commission intends to propose incentives for farmers and forestry operators in this regard.
Global opportunities
Through its bioeconomy strategy, the EU is helping European industry to access global markets by securing partnerships that reduce vulnerability. Resource security improves the EU’s competitiveness and resilience.