| Abstract |
The European Commission's Green Deal sets out a bold vision to meet the challenges of biodiversity protection and net-zero emissions, whilst forging a pathway for a circular model of competitive growth and job creation. To achieve these multiple challenges, the bioeconomy has a key role to play, particularly in the deployment of biomass in higher value-added industrial applications. To support evidence-based policy modelling, the EU H2020 funded project BioMonitor represents a first step toward both improving data transparency, particularly in bio-industrial activities, and the creation of a single toolbox for the purpose of performing integrated modelling assessments of the bioeconomy. Comparing with a baseline, this study presents results from a series of medium to long-term bio-based industry focused transition narratives. In particular, the focus is on the EU bio-based chemicals sector employing results from an economy-wide simulation model from the toolbox, called MAGNET.Publicly backed fiscal support policies, costing between 0.22-0.25% of EU GDP by 2050, generate notable improvements in EU bio-based chemical sector production and employment generation, as well as synergetic production increases in advanced generation biofuels. There is evidence of decarbonisation in the EU bio-based chemicals sector, although more tangible improvements are achieved with the implementation of accompanying climate- and sustainable bio-energy policies. |