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are very promising fields. We are also
supporting new demonstration and
flagship biorefineries and enabling
bio-based products to reach the
marketplace,” says Bell.
“In particular we have to boost
breakthrough technologies by small
and innovative companies,” he adds.
As an example Bell names a small
Finnish company that recently won
a national biorefinery contest with a
new technology producing yarn from
cellulose made fromwood residues.
“Such a ‘treeshirt’ is likely to
have a much lower footprint than
current products made from cotton or
plastic. This shows that breakthrough
technologies can emerge even from
classical sectors, such as forestry.”
Where’s the money going?
In 2012, the European Commission
launched its bioeconomy strategy to
promote innovation and sustainable
growth in Europe. The strategy aims
to increase the sustainable use and
production of renewable biological
resources including bio-waste.
“Since then, we have made
progress both at EU and national
levels. The strategy focuses on
boosting investments and developing
new value chains andmarkets in the
coming years.”
One example is the EU’s new
Horizon 2020 framework programme
for research and innovation, which
pledges close to EUR 4 billion in
support to bioeconomic research and
innovation for the 2014–2020 period.
On the R&D side, the EU has
created the Bio-based Industries Joint
Undertaking, which is a new EUR 3.7
billion Public-Private Partnership
between the EU and the Bio-based
Industries Consortium. The target is
to develop new bio-based products
andmarkets based on smart and
efficient use of resources, including
waste.
“This initiative is financing major
demonstration and flagship projects
in Europe to create new bio-based
products from biomass coming
from various waste streams. This
will lead to more environmentally
friendly growth by reducing Europe’s
dependency on fossil-based products.
It also helps the EU to meet climate
change targets.”
Investing in Europe’s future
Bell sees a need to improve the
regulatory environment and access
to capital in order to encourage more
investment in Europe.
The European Fund for Strategic
Investments (EFSI) has been
launched jointly by the EIB Group
and the European Commission
to help overcome the current
investment gap in the EU by
mobilising private financing for
strategic investments.
“The projects funded by the EFSI
will cover a much broader range than
those fromHorizon 2020, and will
have an immediate impact on job
creation and growth. The first round
of EFSI investments included large
bioeconomy projects.”
Another initiative launched by the
European Investment Bank Group
in cooperation with the European
Commission under Horizon 2020
is InnovFin. It consists of a series
of integrated and complementary
financing tools and advisory services
designed to support investments
from the smallest to the largest
enterprises.
“Building the bioeconomy is a
joint endeavour, involving public
authorities at all levels, andmost
importantly entrepreneurs, primary
producers, scientists and civil society
at large. If we canmaintain our
technological leadership, Europe
will continue to produce innovative,
sustainable and high-added value
products that can reach global
markets,” concludes Bell.
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