• Breakthroughs in engineering biology, such as synthetic biology, are impulsing new developments in industrial biotechnology and provide low carbon solutions for societal challenges. • Industrial Biotechnology is relevant to the bioeconomy and the circular economy because it provides solutions to valorise biobased resources, including organic residues and waste streams. • The combination of biobased and digital technologies is generating new opportunities to develop advanced manufacturing processes, products and services. • The EU must increase its investments in biotechnology to acquire greater manufacturing autonomy taking back control over strategic value chain. • Tomorrow's industrial biotechnology will contribute significantly to efforts to achieve the aims of the Green Deal and those of UN Sustainable Development Goals