Bioeconomy
What is the bioeconomy?
The bioeconomy is the part of the economy which uses renewable resources from agriculture, forestry and the marine to produce food, feed, materials and energy, while reducing waste, in support of achieving a sustainable and climate neutral society.
Why is it important?
The bioeconomy enables a transition away from an unsustainable reliance on fossil fuels by providing alternatives to everyday products like plastics, chemicals, and other materials that are currently primarily derived from crude oil.
By integrating scientific research and innovation and new technologies with traditional knowledge, the bioeconomy is creating a diverse range of products, services, and processes, driving economic growth, while at the same time ensuring climate balance, ecological sustainability in a just transition.
The bioeconomy has a pivotal role in revitalising rural areas by creating high-value products from locally sourced agriculture, forestry and marine resources, as well as from traditional waste products. This is creating new business opportunities and income streams for primary producers, indigenous industry and rural entrepreneurs.
Global Momentum
Globally the bioeconomy is increasingly recognized as a cornerstone for sustainable economic growth, with more than 60 countries publishing national bioeconomy strategies in recent years.
The European Union has been a pioneer in this field, first adopting a Bioeconomy Strategy in 2012 and updating it in 2018 . This strategy set out an ambitious vision that balances advancing environmental objectives with economic competitiveness and growth. The 2025 EU Bioeconomy Strategy is a forthcoming policy to strengthen Europe’s leadership in the bioeconomy.
