A bioeconomy is an economic system in which the basic building blocks for products are sourced from renewable or biological systems. In such an economy, there is a larger emphasis on renewable materials and energy and a way to reuse many waste products that typically characterize the economies we currently live in around the world. There are several countries around the world adopting this model in the hopes it will lead to less greenhouse gas emissions and a healthier environment for everyone.
WHAT IS THE BIOECONOMY?
The term bioeconomy came to prominence in the early 2000s, when the United Nations and its Food and Agriculture Organization coined the term to emphasize economic systems in which the raw materials were generated and reused from natural or biological sources that could be renewed.
This concept dovetails with the circular economy, a model focused on reusing and recycling raw materials to avoid waste and dangerous waste byproducts, thereby reducing emissions and pollution. The goal of both schools of thought, bioeconomy, and circular economy, is to create a safer, more sustainable natural environment and avoid the over-exploitation of natural resources.
WHY BIOECONOMIES CAN BE THE SOLUTION TO CLIMATE CHANGE
No one initiative or solution will completely solve the current climate crisis, but a shifting of how our economic systems work is a good start. Several practices around the world are already embracing these tenets and creating more sustainable systems. For example, many countries have adopted sustainable fishing, which pays more attention to ensuring fish are able to replenish their numbers, or sustainable agriculture, which emphasizes the more efficient use of irrigation to maintain crops.
With rising socioeconomic costs related to climate change and the old way of thinking about production and demand, circular economies and the idea of a bioeconomy are coming to the forefront.