Bioeconomy is any economic activity based on the use of natural renewable biological resources, from both land and ocean, to obtain food, materials, and energy in a sustainable way without compromising their availability for future generations. Specifically, bioeconomy comprises those economic activities related to the invention, development, production, and use of biological products and processes.
The business case for action on bioeconomy is straightforward.Over 30% of global GDP is estimated to be dependent on nature and its services. In fact, the latest global analyses, conducted in 2018, have shown that developing sustainable food and land-use business models could be worth up to an additional US$ 2.3 trillion per year and provide over 70 million new jobs by 2030. Further, there is an array of other bioeconomy sectors besides agriculture (i.e. fisheries, aquaculture, forestry, renewable energy, among others) that can also benefit from sustainable and modern business models for the use of renewable natural resources. Additionally, global assessments suggest that ecosystem services are valued at US$ 125-140 trillion per year. However, despite their high economic value, these ecosystem services are not considered in the national accounts of countries, undervaluing the economic potential and wealth of nations. In fact, both the degradation of biodiversity and the deterioration of their underlying ecosystem services are leading to significant economic losses for countries, businesses, and financial organizations that depend on the proper functioning of natural capital, but due to its lack of proper accounting, often goes unnoticed.