Knowledge Based Bioeconomy
What is driving this transition from the present petrochemical-based industry is the convergence of a number of global opportunities and challenges.
On the one hand, concerns over the sustainability of an economy built on non-renewable resources, the erosion of biodiversity and the widespread need for improved healthcare, food, feed and energy are global challenges. On the other hand, phenomenal scientific and technological advances in the Life Sciences over the past two decades offer new approaches to offset some of these challenges and to tap into the economic value of underutilized biological systems.
The resulting bio-economy model differs from previous cycles of industrial transformation in that industrial output and development can no longer be measured in monetary terms only. A “triple bottom line” approach is required, wherein environmental sustainability and societal benefits are integrated with economic development strategies. A new set of industries is emerging whose main products and services use knowledge to decrease costs and create opportunities for growth in an environmentally and socially responsible manner.The transition to a knowledge-based bio-economy (KBBE) is already underway in many parts of the world, fuelled by massive investments and new policy measures to sustain the new industries.