BIOFUELS AND BIOCHEMICAL
Over the past several decades, the concept of bioeconomy has increasingly captured the world’s attention as an important means of supporting sustainable development and contributing to the global economy. In 2015, there are over 49 countries around the world planning to adopt or practicing biorelated policies1 to transition from fossil fuels to a greener and cleaner biobased economy.
The Organization for Economic Co-operation and Development (OECD) defines bioeconomy as the economic activities relating to the invention, development, production and use of biological products. This includes, but is not limited to the applications of biotechnology to agriculture, industry and health.
The bioeconomy is expected to play an increasing role in developing a greener economy and is estimated to contribute 2.7% to global GDP by 2030.