The proposed actions contribute to 'closing the loop' of product lifecycles through greater recycling and re-use, and bring benefits for both the environment and the economy. The Circular Economy Package was created to help European businesses and consumers make the transition to a stronger and more circular economy where resources are used in a more sustainable way.The flagship initiative for a resource-efficient Europe under the Europe 2020 strategy supports the shift towards a resource-efficient low-carbon economy to achieve sustainable growth.The second pillar of the strategy focuses on the development of markets and competitiveness in bioeconomy sectors (such as the bio-based product sector) by sustainably increasing primary production, conversion of waste streams into value-added products ( bio-refineries), and mutual learning mechanisms for improved production and resource efficiency. The Commission’s bioeconomy strategy and action plan aims at shifting the European economy towards a greater and more sustainable use of renewable resources.The bio-based products sector, as a key enabling technology, is one of the priority areas with a high potential for future growth and addressing societal challenges. The EU’s industrial policy which aims to raise industry’s contribution to EU GDP to 20% by 2020 from the current level of 15%.EU policies related to bio-based productsĪt European level, policies linked to bio-based products include the following: As they are derived from renewable raw materials such as plants, bio-based products can help reduce CO 2 and offer other advantages such as lower toxicity or novel product characteristics (e.g. By using fermentation and bio-catalysis instead of traditional chemical synthesis, higher process efficiency can be obtained, resulting in a decrease in energy and water consumption, and a reduction of toxic waste. In industrial processes, enzymes are used in the production of chemical building blocks, detergents, pulp and paper, textiles, etc. What are bio-based products?īio-based products are wholly or partly derived from materials of biological origin, excluding materials embedded in geological formations and/or fossilised. According to forecasts, the bio-based share of all chemical sales will rise to 12.3% by 2015 and to 22% by 2020, with a compounded annual growth rate of close to 20%. An assessment done by the European Commission has indicated that bio-based products and biofuels represent approximately €57 billion in annual revenue and involve 300 000 jobs. For this reason, the EU has declared the bio-based products sector to be a priority area with high potential for future growth, reindustrialisation, and addressing societal challenges. Bio-based products can make the economy more sustainable and lower its dependence on fossil fuels.