G20 countries are advancing their efforts to scale ‘bioeconomy’ as a means to promote sustainable models that foster biodiversity conservation, though actions must be taken to enhance convergence and comparability between different national approaches, a study has said.
Non-profit NatureFinance and think tank Getulio Vargas Foundation (FGV) published on Monday a preliminary stocktake of countries’ strategies and practices in the context of the G20 Bioeconomy Initiative (GIB), kickstarted in February by the Brazilian government.
The initiative – supported by 19 organisations, including NatureFinance and FVG – is tasked with drafting high-level principles on bioeconomy to be an integral part of the Rio Declaration, set to be adopted by G20 countries at the end of the Brazilian presidency in November.
“Our research showed that G20 members are largely aligned in their objectives in advancing the bioeconomy, despite differences in their priorities given differing contexts,” said the study.
“We suggest that Brazil’s G20 Initiative on Bioeconomy agrees on the identified objectives and consolidates them in a common set of high-level principles on the bioeconomy.”
According to the study, G20 countries’ approaches are closely aligned across three main topics – researching, developing, and innovating biotechnologies; promoting the sustainable use of biodiversity; and bolstering sustainable development more broadly.
Yet, a common approach is still missing, as countries often have diverse priorities and strategies on the topic.
“It would be beneficial to foster comparability, complementarity, and, in some instances, convergence of these approaches to support learning, integration, and mutually beneficial cooperation among the G20 members,” the study said.
BOOSTING INVESTMENTS
Rather than drawing up a definition of bioeconomy, which is still widely debated even among the Brazilian ministries, the GIB initiative seeks to engage with governments and the financial sector to boost investments in sustainable development.
Bioeconomy encompasses a wide range of activities and sectors, such as agriculture, forestry, food, energy, timber, and biotechnology. Its applications include combining sustainable agriculture with forest restoration in degraded lands.
“To support the bioeconomy is vital, given the dependence of the global economy on biodiversity and more broadly on nature. The bioeconomy is essentially a two-way interaction between nature and society, which puts both biodiversity and equity at the centre of sustainable growth,” the study said.
“Without fair access to resources, opportunities, and benefits, the bioeconomy may exacerbate existing inequalities and social tensions, leading to social and environmental instability and ultimately biodiversity loss.”
Currently, the global bioeconomy is estimated at $4 trillion, with a potential to expand to as much as $30 trillion by 2050, according to the World Bioeconomy Forum.
China predicts that its bioeconomy will reach a value of $3.3 trillion by 2025, while India has been experiencing double-digit growth rates in recent years.
In March, Brazil and France announced €1 billion plan to ramp up financing towards bioeconomy in the Amazon.
By Sergio Colombo – sergio@carbon-pulse.com
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