The BBI Regulation is in its final stages of approval before the official establishment of the Bio-Based Industries Joint Undertaking (BBI) – the legal entity responsible for the management of the Public-Private Partnership between the EU and the Bio-based Industries Consortium (BIC).
On 15 April, the European Parliament (EP) adopted its formal Opinion on the Innovation Investment Package, including the proposed Regulation on the establishment of the Bio-Based Industries Joint Undertaking.
The final budget for the BBI is €975 million (EU) and €2.7 billion (BIC), in line with the February compromise agreement between Member States and the European Parliament to cut the budget of JTIs by at least 2.5%.
Now that the EP has adopted its Opinion, Member States are now expected to put the final stamp of approval on 6 May. The BBI will be officially established once the Regulation is published in the Official Journal of the European Union in early- mid-June.