The Fund aims at providing financing for innovative circular bioeconomy companies and projects in the EU and in countries associated with Horizon 2020, the EU's research and innovation programme. Carlos Moedas, Commissioner for Research, Science and Innovation, said: “Sustainable bioeconomy has the potential to play a major role for the European Green Deal. It will help us reach our environmental, climate, and biodiversity targets in line with the UN Sustainable Development Goals. The European Circular Bioeconomy Fund will fill the funding gaps, attracting private investments that bring bio-based innovations closer to the market.” The upcoming fund, created as part of the EU Bioeconomy Strategy, aims to raise funds from public and private investors with a target volume of €250 million and for a first close in early 2020. It will invest in areas such as agriculture and farming, aquaculture, fisheries, forestry, biochemicals, biomaterials, and nutrition. There is a proposal for the European Investment Bank to invest up to €100 million in the fund, which is backed by a guarantee from InnovFin – EU finance for Innovators, an initiative funded under Horizon 2020.
A press release is available in the EIB press page.