Europe's sustainable forest management and wood based industries have reached new cooperation agreements. The groups plan to develop an initiative called "Sustainable Forest Management Providing Renewable Energy, Sustainable Construction and Bio-based Products", under which five European regions will create both individual and regional research agendas and action plans in the fields of renewable energy, bio-based products and sustainable construction. The total budget for the project is approximately 1.7 million, which is funded by the EU's 7th Framework Programme.