Biofuel and Bio-economy Nexus

Sunzida Sultana, Saleha Khan (), Ranga Rao Ambati () and Ravishankar Gokare Aswathanarayana
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Sunzida Sultana: Bangladesh Agricultural University
Saleha Khan: Bangladesh Agricultural University
Ranga Rao Ambati: Vignan`S Foundation of Science, Technology and Research (Deemed to Be University)
Ravishankar Gokare Aswathanarayana: Dayananda Sagar College of Engineering, Dayananda Sagar Institutions, Kumaraswamy Layout

A chapter in Biofuels in Circular Economy, 2022, pp 157-181 from Springer

Abstract: Abstract Bio-economy is a primitive economic sector, and an increasing bioenergy production by biotechnology transforms to the newest one. Renewable biofuel is the keystone to the current and future bio-economy. Mainly, bio-economy is termed as a set of economic activities connecting the invention, development, utilization and production of biological products and processes sustainably without lessening their availability for future generations. In most developing countries, the nexus between biofuel and bio-economy is crucial in gross domestic product (GDP) and employment. The Organization for Economic Cooperation and Development (OECD) mentioned that an advanced bio-economy would drive potential shifts in the global economy over the next 30 years. Still, renewable biofuel production has a positive and negative nexus with the development of the world’s bio-economy. The positive aspects of biofuel include proper utilization of biological resources, greenhouse gas mitigation, food security, job opportunities, poverty alleviation and human health improvement. Contrariwise, the negative aspects of biofuel involve biodiversity loss, indirect land-use change, forest alteration, water scarcity and pollution. Recently, negative impacts of biofuel expansion are specially marked as large constraints for globally sustainable bio-economic development. Governments of many countries have established participatory governance, policies and different financial initiatives toward achieving bio-economic sustainability by reducing constraints. In between 2000 and 2010, global biofuel yields increased sixfold, and a growing number of countries are taking bioenergy promotion policies. Private–public partnerships (PPPs) are also expected to be implementing incentives and innovative technologies for concerting sustainable development of biofuel and the bio-economy. In view of this, the current book chapter focuses on the relation between the increasing productivity of biofuel production and bio-economic development.

Keywords: Biofuel; Bio-economy; Renewable biofuel; Food security; Poverty alleviation; Global economy (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-19-5837-3_10

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DOI: 10.1007/978-981-19-5837-3_10

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