The European Commission announced last Thursday, during the International Forum on Industrial Biotechnology and Bioeconomy which was held in Rome, the first closing at €82m of the European Circular Bioeconomy Fund (ECBF), the first equity fund focused on the bioeconomy and on circularity in the EU and Horizon 2020 Associated Countries under management of the ECBF Management GmbH. The European Investment Bank (EIB), which committed to invest a total of €100m to the target size of the ECBF of €250m, raised €65m in the first closing, the rest came from private investors.
Rome is the world capital of the bioeconomy for a couple of days. The International Forum on Industrial Biotechnology and Bioeconomy (IFIB) starts today in the Eternal City and is both physical and digital because of the Covid19 restrictions.
SABIC, a global leader in diversified chemicals, launched a sustainable packaging solution for frozen food which combines a new polyethylene (PE) grade with innovative film production technology. Compared to conventional blow PE film solutions, it offers significantly higher throughput and also has potential for down-gauging, making it attractive from both a commercial and sustainability standpoint.
Bioeconomy worth 2.4 trillion EUR to the European economy as bio-based industries mark sizeable jump in turnover and bio-based share of chemicals reaches record high of 15%. The bio-based industries continue their ascent marking a total contribution of 750 billion EUR to the European economy in 2017, a notable increase of 50 billion EUR (+>7%) compared to 2016.
