On March 24, the EDS10 office, together with EDS08 and EDS18, co-hosted a Brown-Bag Lunch on Fostering an Innovative Bioeconomy. This event convened expert panelists as well as Board colleagues and Bank teams to discuss the concept of the bioeconomy and the necessary enabling conditions based on country experience, and how the World Bank as a development actor can support countries in these efforts.
The lead authors of the World Bank’s Bioeconomy Paraguay: Innovation and Economic Diversification report (2024) gave input on global policy approaches, highlighting the Paraguay case as example from Latin America. The panelists, Peter Wehrheim, European Commission, Head of Unit for Bioeconomy and Food Systems, and Julius Ecuru, PhD, International Advisory Council on Global Bioeconomy, highlighted examples of how countries in Europe and Eastern Africa have dedicated or integrated bioeconomy strategies to improve competitiveness, innovation, climate change response, employment, food security, energy security, and rural development.
Some key takeaways from this discussion include:
1. Policies that were critical for success to foster an innovative bioeconomy were often anchored in national (or regional) bioeconomy strategies that identified target markets, highlighted inefficiencies, and have provided a platform for convening and coordination of stakeholders. Also, there is a key role of certification and quality standards to ensure product traceability, quality assurance and no harm to the environment.
2. An innovative bioeconomy can diversify sources of growth and provide jobs in emerging markets, with academia, industry, and government in a critical interplay. Increasing public-private collaboration and resource provision for national science, technology, and innovation systems are key to enable improved competitiveness of bioindustries. At the same time, understanding the market dynamics and financing needs and constraints of firms in emerging bioeconomy sectors is crucial to identify, prioritize and implement an appropriate, affordable policy response.
3. Regional cooperation and (technical) knowledge exchange are deemed equally critical for promoting solutions and lessons learned globally.
