Nicholas Georgescu-Roegen proposed that humanity's true problem is not economic but 'bio-economic' wherein economic processes lead into entropic flows of energy and matter which were fundamental bioeconomic factors that need to be considered when looking at human presence within a finite biosphere.
The concept of 'bioeconomy' revolves around a technology transition, especially biotechnology, which uses bio-resources. Bioeconomy is also envisaged to have broader social-economic implications to achieve the goals of sustainable development.
It is important to understand that while biomass is a renewable resource at the local level, it is not an unlimited resource and for several ecological processes, bio resources are also not substitutable. At the moment, a narrow industrial and rent-seeking perspective dominates the bioeconomy agenda.
Recognising the need transition from the narrow industrial perspective of bioeconomy to a bioeconomic perspective, The Energy and Resources Institute and VITO, Belgium will organise a track event that will seek set an India-EU agenda for bioeconomy especially for innovation policy and industry.
The event will seek to stir a discussion around multi-disciplinary and multi-stakeholder approaches to a sustainable bioeconomy agenda that takes into cognizance social, ecology and economic processes.
(Shailly Kedia is a fellow at The Energy and Resources Institute)
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