The European Commission is having a busy week with much of it focused on efforts to mitigate climate change. One such move is the proposal of a €3.8 billion Public Private Partnership (PPP) on Biobased Industries, an initiative that would accelerate the commercialization of biobased products in Europe. The European Commission will invest €1 billion and industry €2.8 billion, from 2014 to 2020, to boost market uptake of new biobased products that are “made in Europe”.

The goal of the partnership is to promote the use of various sources of sustainable biomass and waste to produce everyday products such as food, feed, chemicals and fuels. The use of local biomass and waste will generate growth and jobs in rural areas across European regions, while reducing the European Union’s (EU) reliance on fossil fuels, thereby offering sustainable alternatives to oil-based products and enhancing energy and food security.

Novozymes is part of this initiative alongside 47 leading European companies in the biotech, chemical, energy, agro-food and pulp and paper sectors.

“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 reindustrialization and for reversing the investment trend currently going to other regions of the world because of more attractive policy frameworks.”

The PPP will capitalize on Europe’s innovation and technological leadership to bring biobased solutions from research labs to the market. Various sectors will be brought together to optimize and create new value chains, such as connecting farmers and foresters directly to consumers.