Georgia Tech's Institute of Paper Science and Technology (IPST), which was renamed last week to the Renewable Bioproducts Institute (RBI), announced on June 10, 2014 that they received a donation in the amount of $43.6 million from the Institute of Paper Chemistry Foundation (IPCF).
The IPCF hopes their massive donation will help continue the Georgia research university's goals toward increasing the profitability of the bioproducts industry, while also safeguarding the natural resources involved. And how do they plan to do that? By equipping the university's RBI students with the funds that they need as students in order to allow them to concentrate on solving the problems of the world.
A prior endowment from the Institute of Paper Chemistry Foundation currently supports more than 50 paper science and engineering students, according to Georgia Tech News. But even more students will benefit from the $43.6 million donation made this week. And the bioproducts industry will benefit too, since these students of today will be tasked with providing solutions for businesses tomorrow.
And the average citizen will benefit as well because the Georgia research university is committed to renewable bioproducts, hence the name change from IPST to Renewable Bioproducts Institute. According to Georgia Tech's Website, "The world's forests are vital for not only maintaining a healthy global environment, but also for providing invaluable resources to generate energy, produce food and pharmaceuticals, and provide many other critical resources."