10 July 2013 11:13 [Source: ICIS news]
LONDON (ICIS)--The European Commission has proposed a €3.8bn ($4.9bn) public private partnership (PPP) in order to accelerate the commercialisation of biobased products in Europe, Danish industrial biotechnology firm Novozymes said on Wednesday.
The commission will invest €1bn, while industry - made up of 48 companies in the biotech, chemical, energy, agro-food and pulp and paper sectors, including Novozymes - will put in €2.8bn between 2014 and 2020.
The partnership will boost market uptake of new biobased products that are “made in Europe” and promote the use of various sources of sustainable biomass and waste to produce products such as food, feed, chemicals and fuels, Novozymes said.
The PPP, part of the commission’s Innovation Investment Package released on Wednesday, is expected to start activities in early 2014 following approval from EU member states.
“The Biobased Industries PPP is essential for Europe to remain competitive in the global race for the development of a biobased economy,” said Novozymes CEO Peder Holk Nielsen.
“It is an opportunity for reindustrialisation and for reversing the investment trend currently going to other regions of the world because of more attractive policy frameworks,” he added.
Novozymes said the use of local biomass and waste will generate growth and jobs in rural areas across European regions, while reducing the EU’s reliance on fossil fuels.
($1 = €0.78)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections