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Business Regulation

How best to measure the bio-based sector’s contribution to the UN SDGs?

The Bio-based Industries Consortium (BIC) has commissioned guidance produced by the Institute of European Environmental Policy (IEEP) enabling the bio-based industries to better measure how bio-based projects contribute to the UN Sustainable Development Goals (SDGs). This first-of-its-kind guidance for the bio-based sector sets out specific indicators and the methodological steps for assessing the impact of bio-based projects on SDGs, whether they are financed through public or private sources or realised independently.

BIC, the private partner in the EUR 3.7 EUR billion public-private partnership with the EU – the Bio-based Industries Joint Undertaking (BBI JU), first published a paper in 2018 identifying the SDGs which the bio-based sector is already actively supporting.

The new guidance developed by the IEEP think tank now equips companies with the right tools to measure this contribution quantitively enabling them to better integrate sustainability indicators into their bio-based projects. The IEEP ( @IEEP_eu ) consulted with several BIC ( @biconsortium ) members to ensure the guidance reflects the practical needs of industry.

The guidance is also a demonstration of BIC’s commitment to realising its Vision 2050 for a circular bio-society which is guided by the SDGs objectives. It is part of a broader process to upscale sustainability practices across the bio-based industry involving a holistic set of stakeholders, including policymakers and civil society. A consultative workshop took place on 30 September for this purpose with aim of gathering feedback on effective implementation and building on the guidance in the future.

The guidance can be consulted here.


Interested in bio-based and UN SDGs, then you may also be interested in… 

Read: Zero Waste Europe and BIC team up to launch report on biowaste

Read: BIC links up with CoR to launch new bio-based investment platform

Read: Bioeconomy investors ECBF hits first close for €250m-targeting fundraise and announce two deals.

Watch: WBM Connect #5: Finance and investments –what’s right for you? 

Read: Bio-based industry gives lukewarm response to UK’s first bio-economy strategy.

Read: Nobel Prize for Chemistry awarded to CRISPR pioneers who have “transformed life sciences.”


 

 

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