The European Commission on Monday unveiled its new so-called “bio-economy” strategy. The plan wants to see Europe’s economy make a transition to a post-petroleum era.
By investing in innovation and technology, Europe hopes to develop cleaner and more sustainable ways to exploit its natural resources while at the same time creating jobs and staying competitive.??In the EU, the bio-economy already has a turnover of nearly 2 trillion euros and employs more than 22 million people.
The bio-economy is seen as an answer to the reduced availability of natural resources at a time that the global population continues to grow. Against that background, it’s necessary for the EU to establish a proper framework, says the EU’s Research and Innovation Commissioner.?????The current EU proposal is not binding. Critics say the EU needs to make available more funds if it wants agricultural, bio-based companies to start competing effectively with established energy multinationals such as the oil industry.