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European Commission and Industry Investing $5 Billion in Biomass

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July 9 (Bloomberg) -- The European Commission and companies including Coca-Cola Co. are investing as much as 3.7 billion euros ($5 billion) to foster the growth of a regional bio-energy industry.

The commission is providing 975 million euros from 2014 to 2024, with the remaining 2.7 billion euros coming from the Bio-Based Industries Consortium, according to an e-mailed statement from BBI and the EC. The public-private partnership aims to spur investments and create a competitive market.

The industry group, whose members also include French explorer Total SA and BASF SE, the world’s biggest chemical maker, will fund research and innovation.

“With this new partnership, we want to harness innovative technologies to convert Europe’s untapped renewable resources and waste into greener everyday products such as food, feed, chemicals, materials and fuels, all sourced and made in Europe,” Maire Geoghegan-Quinn, European Commissioner for research, innovation and science, said in the statement.

The BBI invited its first proposals today with a budget of 50 million euros.

To contact the reporter on this story: Louise Downing in London at ldowning4@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Alex Devine, Randall Hackley

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