- November 19, 2021
- Posted by: OptimizeIAS Team
- Category: DPN Topics
Subject – Economy
Context – Renewable wood-based products can help combat climate change: FAO
- Biobased economy, bioeconomy or biotechonomy refers to economic activity involving the use of biotechnology and biomass in the production of goods, services, or energy.
- The terms bioeconomy (BE) and bio-based economy (BBE) are sometimes used interchangeably. However, it is worth to distinguish them:
- The biobased economy takes into consideration the production of non-food goods.
- Bioeconomy covers both bio-based economy and the production and use of food and feed.
- The term ‘bioeconomy’ refer to as the production of renewable biological resources and the conservation of these resources and waste streams into value added products, such as food, feed, bio-based products and bioenergy.
- It also exploits the untapped potential stored within millions of tons of biological waste and residual materials.
- The transition from a fossil fuel-based to a biobased economy is expected to reduce our dependence on fossil fuels and achieve more sustainability as well as contribute to climate and environmental protection.
- The bioeconomy involves breaking up plants into their component parts as completely as possible and converting them into valuable materials. It is expected that this challenge will be met in the future by large biorefineries with many coordinated process steps.
- The concept of Bioeconomy was started by USA, Canada, and European Union (EU) and Australia to boost their economy by using bio-resources.
- Bioeconomy has emerged as a concept for tackling challenges such as the over consumption of an overreliance on non-renewable natural resources. Forests and the forest sector are important components of a bioeconomy.
National Mission on Bio-economy
- National Mission on Bio-economy was launched in Shillong, Meghalaya by the Institute of Bio-resources and Sustainable Development (IBSD) under the Ministry of Science and Technology, In order to boost rural economy by utilizing bio-resources.
- The mission is unique to south-east Asia and India has become one of the few countries to have tapped bio-resources, which when optimally utilized can create a large number of jobs at village level.
- The purpose of the mission is to boost rural economy by utilizing bio-resources and create a large number of jobs at village level.