Bioeconomy finally gets moment in spotlight at G20 Rio Summit

As the Brazilian Presidency of the G20 winds to a close, its efforts to successfully build consensus on key matters about global governance and the future of humanity have been widely appreciated.

- ANUPAMA VIJAYAKUMAR

Efficiently steering the G20 preparatory processes and sustainable development. Of late, bioeconomy has become a buzzword within the ongoing debates on climate action and sustainable development. In simple terms, bioeconomy can be understood as a model of economic production based on the utilization and conservation of biological resources. Activities envisaged within the bioeconomy are further propelled forward by the rapid advances in biotechnology including manipulation of cells and biological materials to yield products including food substitutes and vaccines. Also central to the activities envisaged within the bioeconomy is its strong emphasis on circularity. In a circular production model, resource efficiency is maximized through recycling, reusing and regenerating output to ensure minimum detrimental effects on the environment.

Particularly in the post-pandemic era, the bioeconomy paradigm has started to receive greater focus for its potential to orchestrate an urgent shift from a fossil fuel-based production paradigm and eventually achieving net zero carbon emissions. Consequently, several nations hailing from the Global North and the Global South alike have crafted prudent bioeconomy strategies in keeping with their respective capabilities and resources.