Global Government policies and industry Business to Business sustainability programs are driving the biobased economy. Throughout Europe and North America, governments are placing standards and incentives to encourage the development and purchase of biobased products – plant and/or animal materials; are sustainable, renewable resources; and generally do not contain toxins, synthetics or environmentally damaging materials.
For example, in the United States, the federal government is required by law to purchase biobased products that have been designated by the United States Department of Agriculture. The USDA is authorized to designate these biobased products for federal procurement through their USDA BioPreferred ® Program, which lists current products along with the minimum biobased content for each of the product categories. According to BioPreferred, there is over $500 billion spent each year by the federal government on goods and services.
A 2012 release by the U.S. Biotechnology Industry Organization placed the national value of the Bioeconomy at $1.25 trillion. The European Commission (2014), estimated that the Bioeconomy is worth over $2.7 trillion, providing 20 million jobs and accounting for 9% of total employment in 2009.
As a 100% biobased product, certified by the USDA, ECOR is well positioned to gain traction and customers as more governments begin to codify biobased mandates and companies integrate them into their product offerings.