Updated: 7 days ago
The term “bioeconomy” is one that is likely unfamiliar to many. You might infer from “bio” and “economy” that it has something to do with the environment and finances. While you would not be too far off base, there is quite a bit more to understanding the ever-evolving landscape of the bioeconomy.
The bioeconomy refers to all products and processes that lie at the intersection of sustainability, social responsibility, and economic prosperity. Broad, I know, but the bioeconomy is vast and highly diverse. The bioeconomy is unlike other industry distinctions. In industry, distinctions are made that rope off one sector from another. For instance, the automotive sector is considered wholly independent from the food production sector. Sectors of industry are defined by their contents and remain fairly isolated from one another.
The bioeconomy, on the other hand, is sector-agnostic, meaning that a qualifying bioeconomy product may be found in a variety of sectors, and they all reside under the umbrella of the bioeconomy. For example, sustainable packaging is considered to be within the bioeconomy just as biodiesel would be, even though they otherwise are not within the same field. The bioeconomy spans every sector of industry and refers to all things in any sector produced with the planet, people, and profit in mind. The bioeconomy transcends industry boundaries and superimposes a triple-bottom-line emphasis over every aspect of human life. It includes biofuels, renewable chemicals, low carbon construction materials, sustainably produced foods, and beyond.
The bioeconomy is on the move and an upward trend. Increasing usage of the term “bioeconomy” and improving awareness is crucial to its success, starting with the materials taught to children and up to legislators in Washington DC. The bioeconomy boasts unlimited potential, opportunities for innovation and success, and economic feasibility. The bioeconomy is the way forward in every regard.