The EU and industry partners launched a new European Joint Undertaking on Bio-based Industries (BBI) this month.

The focus of the initiative is to drive increased use of biomass and wastes as feedstocks for renewable products. The project also aims to support more 'locally sourced' products and materials.

€3.7 billion will be injected into the European economy between 2014 and 2024 - €975 million from the European Commission and €2.7 billion from the Bio-based Industries Consortium (BIC) - to develop an emerging 'bioeconomy' sector. Through financing of research and innovation projects, the BBI will create new and novel partnerships across sectors, such as agriculture, agro-food, technology providers, forestry/pulp and paper, chemicals and energy.

The end aim is to create renewable and sustainable bio-based chemicals, materials and fuels.

Organised in five value chains – that range from primary production to consumer markets – the BBI will help fill the innovation gap between technology development and commercialisation, sustainably realising the potential of bio-based industries in Europe.

Máire Geoghegan-Quinn, European Commissioner for Research, Innovation and Science, commented, "The bioeconomy has huge potential that is attracting investments all around the world. With this new partnership, we want to harness innovative technologies to convert Europe’s untapped renewable resources and waste into greener everyday products such as food, feed, chemicals, materials and fuels, all sourced and made in Europe."

Industry partners said they hoped BBI would shift from a fossil- and imports-dependent society to increase Europe's share of sustainable economic growth. They said the project could also lead to job creation on a massive scale.

The first call out for research and funding proposals began on 9^th July; applicants were invited to submit proposals for part of a €50 million publicly funded pot, alongside industry contributions which could go up to €100m.