THE MAIN DIFFERENCES BETWEEN THE UPDATED BIOECONOMY STRATEGY AND THE EUROPEAN GREEN DEAL

Iures Mugur Victor Constantin
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Iures Mugur Victor Constantin: DOCTORAL SCHOOL OF ECONOMIC SCIENCES, UNIVERSITY OF CRAIOVA

Annals - Economy Series, 2021, vol. 5, 228-233

Abstract: Since the industrial revolution, the global economy has consistently relied on fossil fuel reserves, such as natural gas, oil, or carbon for industrial use. They have been and are used to produce a diverse range of products: fuel, chemicals, pharmaceuticals, synthetic fiber soaps, plastics, etc. All this to meet the demand of a growing population. The concept of bioeconomy is at the center of strategies worldwide. That is true for European Union (EU), which made a priority the development of bioeconomy. The term bioeconomy is still very diverse, but the EU's efforts in this direction to develop sustainable research, innovation and entrepreneurship play a huge role in raising awareness. At the end of 2019, the strategy that was in place, The Updated Bioeconomy Strategy was joined by a new one, European Green Deal. Bioeconomic strategies conceptualize future development as being devoid of alternatives and their objectives as more or less accessible. Nevertheless, the debate of bioeconomic policies has revealed several impediments and uncertainties, diverging interests in the bioeconomy and concepts. This paper aims to study the main similarities and differences between the strategies that EU has adopted in the area of bioeconomy, with the Updated Bioeconomy Strategy from 2018 and the European Green Deal from 2020. The methodology of this paper comprises the review of the main similarities and differences of the two strategies, to accomplish the foundation for further research. Thus, we can outline that the bioeconomy is playing a significant contribution in shaping the policy of the EU given the growing number of policies adopted in the past years.

Keywords: bioeconomy; European Union; strategies; European Green Deal; Updated Bioeconomy Strategy (search for similar items in EconPapers)
Date: 2021
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