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Circular Bio economy

Circular Bio economy

About Circular Bio economy

  • The “Circular Bio economy” is defined as the intersection of bio economy and circular economy.
    • The bio economy substitutes fossil carbon by renewable carbon from biomass from agriculture, forestry and marine environment (including by-products and wastes).
    • A circular economy is an industrial system that is restorative or regenerative by intention and design.
  • It replaces the end-of-life concept with restoration, shifts towards the use of renewable energy, eliminates the use of toxic chemicals and aims for the elimination of waste through the superior design of materials, products, systems and business models.
  • Nothing that is made in a circular economy becomes waste, moving away from our current linear ‘take-make-dispose’ economy.
  • The 10-point Action Plan needed to create a circular bio-economy based on a synergistic relationship between economy and ecology, includes following:
    • Focus on sustainable wellbeing
    • Generate an equitable distribution of prosperity
    • Invest in nature and biodiversity
    • Rethink land, food and health systems holistically
    • Intensify and broaden research and education
    • Reimagine cities through ecological lenses
    • Transform industrial sectors
    • Deliver mission-oriented innovation to the investment and political agenda
    • Create an enabling regulatory framework
    • Enable access to finance and enhance risk-taking capacity

National Mission On Bio economy | Circular Bio economy

  • The National Mission on Bioeconomy was launched in Shillong, Meghalaya by the Institute of Bio-resources and Sustainable Development (IBSD) under the Ministry of Science and Technology. 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.
  • It also focuses on sustainable utilization of renewable biological resources for food, bio-energy and bio-based products through knowledge-based approach.
  • It has potential to generate new solutions for the planet’s major challenges in the field of energy, food, health, water, climate change and deliver social, economic and environmental benefits.

Objectives of National Mission on Bio economy

  • Aim at improving energy efficiency in traditional biomass consuming industries.
  • Seek to develop a bio-energy city project.
  • It will also propose a GIS-based National Biomass Resource Atlas to map potential biomass regions in the country.
  • Provide logistics support to biomass processing units.
  • This mission envisages the development of a roadmap for an actionable policy testimonial for the transformation of India through job creation from small scale livelihood enterprises to commercial scale production for increased economic growth through technological packages to increase primary production, value addition of the unique bio-resources through industrial biotechnology and provision of bio services to specific regions across India.

Significance of Circular Bio economy

  • The current linear fossil-based economic model has resulted in our society already crossing some of the planetary boundaries for a safe operating space for humanity.
  • Planetary boundaries define global biophysical limits that humanity should operate within to ensure a stable and resilient Earth system—i.e. conditions that are necessary to foster prosperity for future generations. There are nine planetary boundaries. (see fig.)
  • Current economic model is not working with a third of the world’s land is severely degraded, up to 1 million species are threatened with extinction etc.
  • Circular bioeconomy will result in improved resource and eco-efficiency, low GHG footprint, reducing the demand for fossil carbon etc.
  • The circular bio economy’s potential for innovation, job creation and economic development is huge, with estimates indicating a trillion-dollar opportunity.   (Circular Bio economy)

 

 ALSO READ: https://www.brainyias.com/world-economic-outlook-weo/

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