Building the Bioeconomy through Innovation, Monitoring and Science‐based Policies

Abstract

SummaryConcerns about climate change, food security and biodiversity loss are challenging society and the scientific community to modify our modes of operation. This involves the transition from relying on non‐renewable resources to renewable resources, reducing the emissions of greenhouse gases, sequestering and storing carbon, and at the same time, improving the well‐being of much of humanity who live in poverty. Establishing a modern bioeconomy is essential for the transition. The BioMonitor Project highlights benefits of establishing a modern bioeconomy and the constraints slowing its development. We propose policies to overcome these constraints, emphasising the importance of monitoring its progress. We present some of its findings and recommendations to improve the performance of the EU bioeconomy. This includes a science‐based regulatory process to balance risk and benefit of new innovations, combined with effective liability rules and sound assessment of the side effects of new regulations without unnecessary delay and extra regulatory costs. Government support is crucial for agricultural and industrial research and development leading to the emergence of new supply chains. Since developing bioeconomy industries that increase productivity and reduce externalities provide public goods, some government support for infant bioeconomy sectors may be justified.