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Concept
Bioeconomy
Summary
Biobased economy, bioeconomy or biotechonomy is economic activity involving the use of biotechnology and biomass in the production of goods, services, or energy. The terms are widely used by regional development agencies, national and international organizations, and biotechnology companies. They are closely linked to the evolution of the biotechnology industry and the capacity to study, understand, and manipulate genetic material that has been possible due to scientific research and technological development. This includes the application of scientific and technological developments to agriculture, health, chemical, and energy industries. The terms bioeconomy (BE) and bio-based economy (BBE) are sometimes used interchangeably. However, it is worth to distinguish them: the biobased economy takes into consideration the production of non-food goods, whilst bioeconomy covers both bio-based economy and the production and use of food and feed. More than 60 countries and regions have bioeconomy or bioscience-related strategies, of which 20 have published dedicated bioeconomy strategies in Africa, Asia, Europe, Oceania, and the Americas.
Bioeconomy has large variety of definitions. The bioeconomy comprises those parts of the economy that use renewable biological resources from land and sea – such as crops, forests, fish, animals and micro-organisms – to produce food, health, materials, products, textiles and energy. The definitions and usage does however vary between different areas of the world.
An important aspect of the bioeconomy is understanding mechanisms and processes at the genetic, molecular, and genomic levels, and applying this understanding to creating or improving industrial processes, developing new products and services, and producing new energy. Bioeconomy aims to reduce our dependence on fossil natural resources, to prevent biodiversity loss and to create new economic growth and jobs that are in line with the principles of sustainable development.
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