G20 Radio Bulletin 102 - Bioeconomy could yield USD 7.7 trillion, indicates Business Council

Based on ancestral knowledge, the bioeconomy represents a trillion-dollar income opportunity, according to the international report from the World Business Council for Sustainable Development (WBCSD). Discussions on the relevance of knowledge, from oral traditions to the latest advances in modern science for the bioeconomy, were central at the second meeting of the Brazilian Initiative in the G20. Listen to the report to learn more.

Reporter: A staggering 7.7 trillion dollars is the projected business opportunity for the circular bioeconomy, according to a report by the World Business Council for Sustainable Development. This projection emerged during discussions at the second meeting of the G20 Bioeconomy Initiative.

The report addresses pressing environmental concerns and positions the bioeconomy as the cornerstone of a sustainable economy, promising both economic and social benefits. It underscores the potential of bio-based products to either supplement or entirely replace conventional ones, particularly emphasizing the role of energies like biodiesel and biomaterials in industries spanning pharmaceuticals, textiles, construction, and packaging.

Ambassador André Corrêa do Lago, coordinator of the G20 Initiative, highlighted the opportunities for bioeconomy operations even in countries with lower biodiversity.

André Corrêa do Lago: Although the first reaction is to associate it with biodiversity, the bioeconomy is actually much more than that. The countries present at the meeting all recognized that this realization opens many doors. A surprising example came from the Arab Emirates when they explained about biodiesel residue exports. 

Reporter: This week’s meeting in Brasilia revolved primarily around the roles of science, technology, research, innovation, and traditional knowledge in the context of the bioeconomy. Overcoming a false opposition between bioenergy and food security was one of the agenda items. 

The Initiative’s next meeting is scheduled for June 17th to 19th in Manaus, Amazonas (AM). This event will mark the beginning of the G20 meeting cycle in Brazil's Northern region, immersing participants in the Amazon biome. G20 Brasil is the first multilateral forum to host discussions on the bioeconomy, welcoming various facets of the theme and encouraging diverse perspectives from participating countries.