Economy

Renewable wood-based products can help combat climate change: FAO

·         Biobased economy, bioeconomy or biotechonomy refers to economic activity involving the use of biotechnology and biomass within the production of products, services, or energy.

·         The terms bioeconomy (BE) and bio-based economy (BBE) are generally used interchangeably.

·         However, it is worth to distinguish them: The biobased economy takes into consideration the production of non-food goods.

·         Bioeconomy covers both bio-based economy and the production and use of food and feed.

·         The term ‘bioeconomy’ refer to because the production of renewable biological resources and also the conservation of those resources and waste streams into price added  product, like food, feed, bio-based product and bioenergy.

·         It also exploits the untapped potential stored within millions of tons of biological waste and residual materials.

·         The transition from a fossil fuel-based to a biobased economy is expected to reduce our dependence on fossil fuels and succeed additional sustainability as well as contribute to climate and environmental protection.

·         The bioeconomy involves breaking up plants into their component parts as completely as possible and converting them into valuable materials.

·         It is expected that this challenge will be met in the future by large biorefineries with many coordinated process steps.

·         The concept of Bioeconomy was started by USA, Canada, and European

·         Union (EU) and Australia to boost their economy by using bio-resources.

·         Bioeconomy has emerged as a thought for tackling challenges like the over consumption of an overreliance on non-renewable natural resources. Forests and therefore the forest sector are important elements of a bioeconomy.

·         National Mission on Bio-economy National Mission on Bio-economy was launched in Shillong, Meghalaya by the Institute of Bio-resources and sustainable Development (IBSD) under the Ministry of Science and Technology,

·         In order to boost rural economy by utilizing bioresources.

·         The mission is unique to south-east Asia and India has become one in all the few countries to possess tapped  bio-resources, that once optimally utilised will produce a large number of jobs at village level.

·         The purpose of the mission is to boost rural economy by utilizing bio-resources and make a large number of jobs at village level.