The economy as per Oxford dictionary is defined as “The state of a country or region in terms of the production and consumption of goods and services and the supply of money.”
The economy is careful management and utilization of available resources, to ensure the proper functioning of a society, corporation, or a country.
Meanwhile, the economy is all about non-renewable sources. Now, we are heading towards a new type of economics, so-called Bioeconomy or Biobased economy.
What is bioeconomy?
The bioeconomy is the production, utilization, management, and consumption of biological resources and their products i.e. Biofuels, pharma, improved crops, lab-grown meat and more.
According to European Commission on bioeconomy, it is defined as “the production of renewable biological resources and the conversion of these resources and waste streams into value-added products, such as food, feed, bio-based products, and bioenergy. Its sectors and industries have strong innovation potential due to their use of a wide range of sciences, enabling and industrial technologies, along with local and tacit knowledge.”
Unlike the traditional economy, biology-based economy focuses on plant-based and biology-based elements – utilization of renewable sources.
For example, instead of pumping oil from underground and using it, in which it not only deplete limited oil reservoirs but also create pollution. The bio-based economy involves making use of microorganisms and plant-based fuel production, i.e. biofuels.
Why we need Bioeconomy?
Due to rapid growth and development in life sciences and the increased & unchecked dependency on non-renewable resources. Things have taken quite a drastic turn.
Moreover, non-renewable resources are being depleted at an alarming rate. We need to focus on renewable sources, something that can quickly be replenished, without being hazardous to the environment.
So, in short, to save this world from becoming unbearable to live, we need to shift our focus from the regular economy to bioeconomy.
Bio-based Economy Implementation
Currently, many countries are implementing various strategies that promote bioeconomy, like banning the use of plastic bags.
For example, in China, which is considered one of the leading countries in the production of electricity from coal. They are now shifting towards safer, renewable sources like solar energy and wind.
Bio-scientists have been shifted and successful in creating lab-grown meat. The purpose of lab-meat is to tackle the current antibiotic resistance and transfer of diseases from animals to humans.
Similarly, a group of researchers in Pakistan has successfully isolated a fungus species, which can degrade plastic. A great discovery to tackle current plastic pollution.
Also, several startups and projects have come together to promote bioeconomy. It includes; Bioways, a project whose focus is on encourages the production and applications of bio-based products.
Similarly, a project named EFFECTIVE, under the European horizon 2020 program, aims to use bio-based ingredients in various industries.
Apart from these startups and projects, many countries are also gradually implementing bioeconomy.
Like in Cambodia, as a part of the Silk Road Economic Belt under china, planning to plant cassava trees. The cassava trees used in various bio-based industries, i.e., their roots utilized in ethanol processing, and also as organic fertilizers.
Countries like India and Pakistan, focusing on biogas production on a larger scale, to curb natural gas consumption.
Through bioeconomy, we can find solutions for many problems that we all are facing globally. We can tackle global warming, waste management, energy sustainability, food production, and more.
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