Brussels presents bio-economy planThe 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.
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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.â¨â¨In the EU, the bio-economy already has a turnover of nearly 2 trillion euros and employs more than 22 million people.
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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, itâs necessary for the EU to establish a proper framework, says the EUâs Research and Innovation Commissioner.
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â¨â¨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.