29.4 Challenging Factors and Impact on Bioeconomy

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industry and science, Germany fails to the supply-based industrial establishments

[31, 32]. An article was published by the BMBF in 2010 which considered national

research strategy bioeconomy 2030 as the future vision with a program budget of

€2.4 billion [33, 34].

29.3.6

European Union

The bioeconomy of Europe is responsible to produce 17% of European Union (EU)

gross domestic product (GDP) which is about €2000 billion and has 21.5 million

employees working [33]. To bring biorefineries under the framework of its 7th

EU program, in 2011, a joint European biorefinery vision was developed by the

Star-COLIBRI project. By 2030, different roadmaps were built to target bio-based

products, supply chain, the supply of versatile biomass, and growth of the bio-based

sector [35]. The European Commission (EC) stated in 2002 that life science and

biotechnology are the most reliable technologies with high contribution potential

in the achievement of Lisbon agenda objectives [36].

From the consultation, three main conclusions were drawn. First being the opti-

mistic response on the bioeconomy, over 60% of respondents believed to count a

greater number of positives like reduction in waste, GHG emission, and pollution

by 2020 to 2010 period [37]. Second, the respondents who pointed out the associ-

ated risk with bioeconomy such as overexploitation of natural resources and further

lead to effect food security are of major concern. The third section of the respondent

shows a significant concern over the competition with the United States and Asia

which might hinder Europe’s bioeconomy as a single identity [38].

29.3.7

Scenario of Bioeconomy in India

India holds a potential feedstock in terms of biogenic waste for constructing a

bio-based economy and one of the valuable supplements for petroleum feedstock

if used properly. With a yearly development rate of nearly 20%, by 2025, the

Indian bioeconomy has a potential to establish a more than 100-billion-dollar

market [39]. Economic and technological development leads to an increase in

wastewater content hence ended up causing enormous environmental impact.

Therefore, India’s present strategy is all about shifting toward renewable resources

and eliminating carbon emission. National biofuel policy was one of the dominant

action requirements for the target regarding renewable fuel and replacing 20% of

petroleum fuel consumption in 2009 [39].

29.4

Challenging Factors and Impact on Bioeconomy

While studying bioeconomy all the factors which drive and hurdle the system in

both positive and negative terms, a contrasting approach needs to be followed. The

approach should be based on visions and ideas comparison between present and

future. [40]. A diverse set of forces are involved to run bioeconomy smoothly around