The G20 Initiative on Bioeconomy (GIB), led by the Brazilian government, launched 10 principles on Thursday covering topics such as inclusivity, location specificity, and traditional knowledge use.
In February, Brazil said the GIB principles would be adopted by G20 countries at the end of the Brazilian presidency in November.
“This is an important development and shows that a sustainable, regenerative bioeconomy is an integral part of a nature-positive future,” said a spokesperson for NatureFinance, an advocacy group.
“The G20 principles will need to be the guidelines as it consciously develops,” the spokesperson told Carbon Pulse.
The voluntary, non-binding High-Level Principles on Bioeconomy aim to recognise the “remarkable potential of bioeconomy” to building a sustainable future, GIB said.
The bioeconomy could be partly financed by biodiversity and carbon credits, according to an accompanying report co-led by NatureFinance.
The 10 principles are:
- Promote sustainable development in all areas, aiming to eliminate hunger, poverty, and improve health
- Ensure inclusivity and fairness by protecting the rights of all people, supporting gender equality, and encouraging participation from everyone, including Indigenous communities
- Support climate change efforts in line with international agreements
- Conserve biodiversity, use resources responsibly, and fairly share the benefits from genetic resources
- Encourage sustainable consumption, efficient resource use, and restore damaged ecosystems
- Use science, technology, and traditional knowledge responsibly, assessing both benefits and risks
- Develop strong policies that support trade, sustainable businesses, job creation, local growth, and involve the private sector and civil society
- Use clear, measurable, and science-based methods to evaluate sustainability across the value chain
- Foster international cooperation to tackle global challenges, promote innovation, and share funding and best practices
- Adapt approaches to each country’s specific needs, considering national, regional, and local priorities
Rather than drawing up a definition of the bioeconomy, which is still widely debated, GIB seeks to boost investments in models that foster conservation.
BIOECONOMY LENS
Brazil’s GIB aims to advance a global economy in ways that deliver more equitable sustainable outcomes, said a report on the bioeconomy published on Thursday and co-led by NatureFinance and the World Bioeconomy Forum, in partnership with Brazilian non-profits.
“Core to advancing this goal is the intention to agree on a principles-based global framework that establishes a clearer basis for policy interventions aligned to sustainable development objectives,” the report said.
The next step is putting the 10 principles into practice, supported by continued focus on the bioeconomy during South Africa’s G20 presidency in 2025, the report said.
Through the principles, the bioeconomy is “becoming a key lens and market process through which national and international policy goals can be addressed”, the report said.
The World Bioeconomy Forum has predicted the bioeconomy could “increase six-fold by 2050 to $30 trillion from its current estimated size of $4-5 trln”.
However, the report also stressed that there is no single agreed definition of the bioeconomy.
Scoping of the bioeconomy ranges from small-scale, traditional practices to large-scale, transnational activities, the report said.
For example, sectors in the bioeconomy include agriculture, forestry, bioenergy, bioplastics, and biotechnology.
BIODIVERSITY CREDITS
Beyond conventional commercial financing channels, sustainable finance instruments like biodiveristy credits help finance the bioeconomy, the report said.
“Nature credits, for example, including carbon and biodiversity credits, can both augment revenues and provide long-term income security that de-risks and lowers the costs of capital.”
However, stakeholders have significant concerns about the potential risks of internationally traded biodiversity credit markets, the report said.
Concerns surrounding the credits relate to offsetting, lack of clear rules, standardisation, reliable data, greenwashing, and community impacts.
Other sources of financing for the bioeconomy include instruments such as venture capital, private equity, green bonds, sustainability-linked loans, and infrastructure investments.
By Thomas Cox – t.cox@carbon-pulse.com
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