The knock-on effect on the cosmetic industry is that plant-based materials are very much ‘in’ at the moment, and there has been a renewed interest in biobased resources.
Biobased feedstock produces effective ingredients that are environmentally and socially responsibly produced and the concept of green cosmetics has been tipped to boom for a little while, with the sophistication of the active ingredients increasing, based on truly scientific research.
Industry can invest in research because the added value of substances is very large, even at the small volumes of green cosmetics.
Aims
The aim of the BBI is to use Europe's untapped biomass and wastes as feedstock to make fossil-free and greener everyday products.
"The bioeconomy has huge potential that is attracting investments all around the world,” says Máire Geoghegan-Quinn, European Commissioner for Research, Innovation and Science.
“With this new partnership, we want to harness innovative technologies to convert Europe's untapped renewable resources and waste into greener everyday products such as food, feed, chemicals, materials and fuels, all sourced and made in Europe."
At the heart of it are advanced biorefineries and innovative technologies that will convert renewable resources into sustainable bio-based chemicals, materials and fuels.
€3.7 billion will be injected into the European economy between 2014 and 2024 - €975 million from the European Commission and €2.7 billion from the Bio-based Industries Consortium (BIC) - to develop an emerging bioeconomy sector.
Partnership
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.
Organized in five value chains – that range from primary production to consumer markets, the BBI says it will help fill the innovation gap between technology development and commercialization, sustainably realizing the potential of bio-based industries in Europe.
“The BBI is an unprecedented public-private commitment because of its focus on bringing bio-based solutions to the market,” adds Peder Holk Nielsen, CEO of Novozymes, added on behalf of industry partner, the Bio-based Industries Consortium.
“It is an opportunity to deliver sustainable growth in European regions and to reverse the investment trend currently going to other regions of the world.”