Narrative roadmap needed for Russian circular bioeconomy

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Today at the St. Petersburg International Economic Forum (SPIEF'18), EFI Director Marc Palahí was one of the panelists at the Russia-Finland Business Roundtable: Bioeconomy and circular economy – bases for new global breakthroughs.

Palahí encouraged Russia to create a shared vision and a narrative roadmap for the coming years to guide their transition towards a circular bioeconomy. He pointed out that the narrative could be based on the four Is: innovation, institutions, infrastructures and investments.

Palahí highlighted that transitioning to a circular bioeconomy is one of the greatest business opportunities of the 21st century. He stated that the growing global middle class and urbanisation is not only a great business opportunity with important economic implications but pose also great potential environmental risks. However, with emerging science and technology we can transform biological resources into a new range of innovative bio-based solutions that can replace and environmentally outperform fossil products from industrial sectors like textiles, plastics and construction. Palahí reminded his fellow panelists that this is what bioeconomy is about; replacing fossil products with renewable solutions that help to solve the problem of climate change. At the same time, we must remember that while biological resources are renewable they are not unlimited. Therefore, their use and transformation needs to be efficient, intelligent and sustainable. This is why for the bioeconomy to become mainstream, it needs to join forces with the circular economy which is about efficiency, reusing, recycling. In a circular bioeconomy, waste cannot longer be wasted.

The roundtable discussion Russia-Finland Business Roundtable: Bioeconomy and circular economy – bases for new global breakthrough was organised by East Office of Finnish Industries and aimed to promote knowledge about:

  • How to create an operating environment that encourages a circular economy in Russia?
  • What is the bioeconomy’s strategic importance for the economic relations between Russia and Europe?
  • What are the new opportunities circular economy and bioeconomy provide for Russian and Finnish companies?

More info and a recording of the discussion are available here.