Circular Bioeconomy : An Introduction

Bioeconomy is defined at the global bioeconomy summit as “the knowledge-based production and utilization of biological resources, innovative biological processes and principles to sustainably provide goods and services across all economic sectors.” This definition articulates that resource efficiency or replacement of fossil fuel-derived feedstock and innovations in the biotechnological perspective are the two great pillars in bioeconomy. Thus, bioeconomy adds value to biomass resources, and analysis of the economic benefits of a particular resource can be performed via a “value web.” Bioeconomy aims at uncoupling the economic growth from fossil fuel-driven industries and eventually couples it to the Sustainable Development Goals defined by the United Nations. Bioeconomy is a nascent field, and hence, the transition to a bio-based economy could be adapted by any country, irrespective of their economic status. Nevertheless, the technological limitations might play a substantial role. Circular bioeconomy, much similar to the circular economy, aims at “closing the loop” to prevent expansive and unfettered extraction of biological resources and define goals such as sustainability and environmental protection. The “zero-waste” policy of circular bioeconomy has fueled the development of waste biorefineries, microalgal biorefineries, and lignocellulosic biorefineries. Environmental protection by sustaining the regional ecological balance and watchful emission controls is deemed vital. Global inclusiveness in the development of an organization to oversee knowledge sharing, development of global testing standards, assessment of the demand and supply of bio-based products, and supporting research and development in biotechnology for commercialization will help realize the successful transition to circular bioeconomy.