New study shows industrial biotech set to drive jobs and growth creation in the EU
Industrial Biotech contributes over €30 billion and 500k jobs to the EU economy.
Brussels, 27 September 2016 - Industrial Biotech contributes over €30 billion to the EU economy and around 500 000 jobs. These are the findings of a new study, launched today in the European Parliament by EuropaBio, as part of a series of activities across Europe celebrating European Biotech Week (see #biotechweek).
Commenting on the report, Stephan Tanda, Chair of EuropaBio’s Industrial Biotech Council and Managing Board member of Royal DSM said “Industrial biotech is one of the EU’s technological strengths. A very potent technology, able to solve societal needs and contribute to the transition toward the sustainable use of renewable raw materials and the reduction of required raw materials, energy and waste. Not surprisingly, these figures for jobs and growth are just the beginning and they are expected to grow to between 900 000-1.5 million jobs with an accompanying economic contribution of up to almost €100 billion by 2030’.
Industrial Biotech is an enabling technology, driving the transition towards a circular bioeconomy through the use of smart science to develop microorganisms and enzymes which produce a wide variety of renewable, bio-based chemicals, materials, pharmaceuticals, food, feed and fuels. At the heart of the bioeconomy is the biorefinery where industrial biotech converts renewable raw materials, such as agriculture and forestry residues, into these essential, every day products. Unlike a linear, fossil-carbon based economy, involving the extraction and use of coal, oil or gas and the eventual emission, at end of life, of more CO2 into the atmosphere, a circular bioeconomy is reliant on renewable carbon harvested from the EUs farms and forests, and numerous other sources, including materials previously considered as ‘wastes’. This explains, in part, the high job ‘multiplier’ effect of industrial biotech on job creation.
‘Our study shows that for every 1 job created in industrial biotech 4 more jobs are created elsewhere in the economy’ added EuropaBio’s Industrial Biotech Director, Joanna Dupont-Inglis. ‘Industrial biotech is increasingly revitalising rural, coastal and de-industrialised areas of Europe by adding value to EU-grown renewable raw materials, which creates new jobs and attracts investment. In a post-Paris COP21 world, where the EU is seeking technologies that will not only stimulate economic recovery but will also deliver benefits for consumers, the environment and the climate, industrial biotech is delivering on all levels.’
Download the full report or see an abridged version below.