There is no denying that we as humans and the systems we have put in place need to be reshaped to ensure the best possible outcomes for our future when it comes to food, climate change, the environment and also our economic outcomes. All of these things are shaping a new model known as the 'Bio-economy'.
A new framework.
A circular bio-economy offers a conceptual framework for using renewable natural capital to transform and manage our land, food, health and industrial systems, with the goal of achieving sustainable wellbeing in harmony with nature.
While the circular bio-economy needs advanced technology and innovation as well as traditional knowledge to succeed, it ultimately relies on biodiversity as its true engine. This is because biodiversity determines the capacity of biological systems to adapt and evolve in a changing environment, and therefore is crucial for ensuring the resilience and sustainability of our biological resources.
We need to acknowledge this fundamental role, not only through appropriate conservation measures, but also through regionally-tailored market-based instruments to provide incentives for farmers, forest owners and bio-based companies to invest back in biodiversity.
So what is a Bio-economy?
The bio-economy, or bio based economy, is a new model for industries. It involves using renewable biological resources sustainably, to produce food, energy and industrial goods. It also exploits the untapped potential stored within millions of tons of biological waste and residual materials.
Bio-economy is meant to reduce the dependence on natural resources, transform manufacturing, promote sustainable production of renewable resources from land, fisheries and aquaculture and their conversion into food, feed, fibre, bio-based products and bio-energy, while growing new jobs and industries.
There is an increased focus on biodiversity, as an understanding of its vital role in maintaining our planet's healthy carrying capacity. An increased focus on a transition to a bio-economy - that is shifting from non-renewable, "dirty" inputs to renewable ones. This will primarily be in the form of replacing fossil fuel based inputs.
However, this is a complex transition to make sustainably, due to the existing pressure on the planet's carrying capacity from agriculture, and the expected doubling of demand for food by 2050. The transition from a fossil fuel-based to a bio-based economy is expected to reduce our dependency on fossil fuels and achieve more sustainability as well as contribute to climate and environmental protection.
The bio-economy involves breaking up plants into their component parts as completely as possible and converting them into valuable materials. It is expected that this challenge will be met in the future by large bio-refineries with many coordinated process steps.
In recent years, the bio-economy has also become a key focus of political and technological interest both nationally and internationally, and will become the new way in which business operate in terms of products and services.