The bioeconomy approach and sustainable development

Abstract

This chapter provides a comprehensive literature review of sustainable bioeconomy development, with a focus on the definition, concepts, potential and risks involved. Countries differ on how they view bioeconomy, with some putting emphasis on sustainability and ecosystem services, while others focus on economic growth as the main goal. The literature review shows that bioeconomy is a rather new concept, at times its goals are conflicting, and its objectives are opposing. Hence, the lack of a common bioeconomy agenda and understanding across the globe will be one of the main constraints to achieve the UN Sustainable Development Goals (SDGs). However, bioeconomy brings the sustainable development discussions back onto the policy agenda, at both the national and international levels. There are sceptics who do not support this argument and claim that bioeconomy and SDGs do not go together and this is the agenda set by some industrialized countries and the corporate sector to suit their own interests. As the impacts of bioeconomy spread beyond country borders, a common agenda is necessary to keep the balance between the economic, environmental and social objectives. Experience of bioeconomy so far is limited and hence future development must be based on the strictly responsible, accountable and sustainable use of natural resources.