European Commission president Mr José Manuel Barroso, and Commissioner for Research, Innovation and Science, Ms Máire Geoghegan-Quinn, announced the formal launch of a €3.7 billion Public-Private Partnership (PPP) on bio-based industries in Brussels on July 9, 2014.
In 2014 and 2015 alone, more than €250 million is expected to come from the European Commission, with the private sector expected to contribute nearly three times as much.
Substantial investments in bio-based products and fuels sourced locally, and made in Europe will be initiated using the continent's untapped biomass and wastes as feedstock, to make fossil-free and greener everyday products.
This is seen as an opportunity to create numerous jobs, sparke rural growth, and reduce greenhouse gas emissions.
"Europe is not ahead of the curve when it comes to realizing the immense potential around the creation of a bio-based economy, the only viable alternative to our current oil-based society," said Mr Peder Holk Nielsen, president and CEO, Novozymes.
"With this unprecedented public-private commitment, however, we demonstrate that EU wants to take the lead in this transition towards a bio-based economy. For Europeans, it is an opportunity to secure thousands of rural jobs and sustainable growth in our regions, while reversing the investment trends currently going to other parts of the world," he shared further.