A new venture which explores climate change-resistant plant varieties has been established by The European Investment Bank (EIB) and Florimond Desprez. The project hopes to increase the resistance of agricultural systems, and reduce the environmental footprint of farming activities while safeguarding agricultural yields.
François Desprez, the Chair of Florimond Desprez, comments that, “In light of the need for an agro-ecological transition, the challenges of climate change and the crucial importance of Europe’s food sovereignty, we must step up our research efforts.”
Florimond Desprez conducts research into the breeding of plant varieties and seed production, and the €40 million loan agreement investment will primarily benefit the group’s research facilities in France and Belgium, along with six other European countries.
European Commissioner for the Economy, Paolo Gentiloni adds that: “Investments like this will allow an even more careful and efficient use of our natural resources in line with the European Green Deal, while supporting jobs and businesses in Europe’s agricultural sector.”
Funding will be used for research, development and innovation activities focusing on breeding new crop varieties which are capable of coping with changes in agro-climatic conditions.
With the European Commission’s support, investment is guaranteed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. The commission explained: “In addition to withstanding more frequent and extreme bouts of abiotic and biotic stress, these new plant varieties will have to support the agro-ecological transition and mitigate the shortage of natural resources.”
In the view of EIB vice president, Ambroise Fayolle, newly developed varieties of field crops by Florimond Desprez help the EU maintain its competitiveness in a field that is vital for the future, and the success of its transition to a sustainable agro-ecological model.