What is Bioeconomy and Why is it Important?

Climate change threatens our world, making the drive towards a more environmentally friendly economy not just an option, but an obligation. Achieving sustainable development involves focusing on bioeconomy, which according to the FAO, involves the knowledge-based production and usage of biological resources, processes, and methods to offer goods and services sustainably across all economic sectors. This becomes essential for our future.

The term "bioeconomy" has emerged as a key player in shaping the future of industry, agriculture, and environmental stewardship. But what exactly does bioeconomy entail, and why is it gaining increasing importance on the global stage?

What is Bioeconomy

The bioeconomy refers to the part of the economy that uses renewable biological resources from land and sea, such as crops, forests, fish, animals, and microorganisms, to produce food, health, materials, products, textiles, and energy.

It involves the use of biotechnology and biomass in the production of goods, services, or energy. The bioeconomy is crosscutting, encompassing multiple sectors, in whole or in part, including agriculture, textiles, chemicals, and energy.

An important aspect of the bioeconomy is understanding mechanisms and processes at the genetic, molecular, and genomic levels, and applying this understanding to create or improve industrial processes, develop new products and services, and produce new energy.

Why is Bioeconomy Important?

The bioeconomy is becoming increasingly important globally for several reasons:

Sustainable Development: The bioeconomy proposes a sustainable and circular model that is key in the fight against climate change. It aims to reduce our dependence on fossil natural resources, prevent biodiversity loss, and create new economic growth and jobs in line with the principles of sustainable development.

Economic Growth: Bioeconomy has enormous potential for creating millions of green jobs in rural and coastal regions, renewing and modernizing industrial fabrics, introducing innovations in agriculture, aquaculture, forestry, and other industries.

Food Security: Bioeconomy can play a crucial role in ensuring food security and reducing hydric stress. With the world’s population expected to reach 9.7 billion by 2050, the demand for food will increase significantly. The bioeconomy can help meet this demand sustainably.

Energy Production: Bioeconomy can help reduce dependence on fossil fuels and promote renewable energies. Biomass, a renewable biological resource, can be used to produce bioenergy, which can serve as an alternative to fossil fuels.

Climate Change Mitigation: The bioeconomy can play a key role in the fight against climate change. By promoting the use of renewable biological resources and reducing dependence on fossil fuels, the bioeconomy can help reduce greenhouse gas emissions.

2030 Agenda and SDGs

A 2023 Sustainability paper proposes a research method to assess biodiversity value chains using ecological, economic, and social indicators. Using interviews with local Amazonian actors involved with the pirarucu fish species, the authors aim to understand its value chain dynamics and local community effects.

The 2030 Agenda, adopted by the United Nations in 2015, includes 17 Sustainable Development Goals (SDGs) that can greatly benefit from the implementation of the bioeconomy. According to a study by the Food and Agriculture Organization (FAO), the bioeconomy intersects with the SDGs in four key areas:

1. Poverty Alleviation, Food Security, and Equality: The bioeconomy can play a significant role in ending poverty, achieving zero hunger, and reducing inequalities.
2. Clean Water, Sustainable Cities, and Responsible Consumption: The bioeconomy is closely linked to the goals of clean water and sanitation, sustainable cities and communities, and responsible consumption and production.
3. Sustainable Industry, Infrastructure, and Economic Growth: The bioeconomy can drive the development of sustainable industry and infrastructure, promote economic growth, and create decent work opportunities.
4. Health, Climate Action, and Ecosystem Preservation: The bioeconomy can contribute to health and well-being, climate action, and the preservation of underwater and terrestrial ecosystems.

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