A Thriving Bioeconomy Needs Better Tools for Measuring and Monitoring

Abstract

SummaryLast year, the United States issued an Executive Order announcing the National Biotechnology and Biomanufacturing Initiative, a 2 billion dollar initiative supporting biotechnology and biomanufacturing innovations in health, climate change, energy, food security, agriculture and supply chain resilience. Together with their 2022 Inflation Reduction Act, investment for the commercial deployment of the whole bioeconomy across the entire supply chain is financially supported. The US is not alone – other countries are also developing their own initiatives.If Europe wants to keep its competitive position in the bio‐based industries, it needs a better recognition in EU policy and more regulatory foresight to bring innovative products to the market. Bio‐based products and materials have to be recognised as an important Carbon Capture and Utilisation tool, lowering the use of fossil fuels, and contributing to climate mitigation. The European bioeconomy is well‐positioned for finding a greener way to build a more robust economic base, reduce strategic dependencies and reinforce the supply of critical materials. However, to realise this, access to finance should be made easier and there needs to be sufficient supply of renewable feedstock.Although Europe has made good progress in recent years, more can and should be done to make the bio‐based industries a stronger part of a new sustainable growth and investment model. This article describes some possible recommendations.