EUR 3.7 billion will be injected into the European economy between 2014 and 2024 - EUR 975 million from the European Commission and EUR 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 aim of the BBI is to use Europe's untapped biomass and wastes as feedstock to make fossil-free and greener everyday products. At the heart of it are advanced biorefineries and innovative technologies that will convert renewable resources into 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.

The BBI is a shift from a fossil- and imports-based society to increase Europe’s share of sustainable economic growth, and is expected to create tens of thousands of jobs (80% in rural areas), revitalise industries, diversify farmers’ incomes, and reduce GHG emissions by at least 50% in comparison to fossil-based applications. The BBI will manage the investments in the form of research and innovation projects that are defined in annual Calls for Proposals and implemented across European regions. In line with Horizon 2020 rules, all stakeholders are invited to submit innovative proposals and demonstrate progress beyond state-of-the-art.