Bioeconomy strategy: 2018 to 2030
On 5 December 2019, the UK Bioeconomy Strategy was published. The strategy is a collective approach from government, industry and the research community to transform the UK economy through the power of bioscience and biotechnology.
According to the strategy, the bioeconomy represents the “economic potential of harnessing the power of bioscience, using renewable biological resources to replace fossil resources in innovative products, processes and services”. It is estimated that the bioeconomy in the UK in 2014 contributed to £220 billion of output across the UK economy, supporting 5.2 million jobs.
The strategy has 4 main strategic goals:
- Maximise productivity and potential from existing UK bioeconomy assets.
- Create the right societal and market conditions to allow novel bio-based products and services to thrive.
- Capitalise on our world class research, development and innovation base to grow the bioeconomy.
- Deliver real, measurable benefits for the UK economy.
The BBSRC NIBBs, of which CBMNet is one, feature as a case study:
The NIBB has brought together industry and academia with great success, with 800 companies and 3,300 academics amongst their membership. BBSRC’s Annual Report (2017) shows that £8.2m of funding had been committed as of January 2017, attracting £1.2m in private-sector investment. Building on this success by replicating across sectors will accelerate the innovation needed to solve global challenges through the bioeconomy.