Bio Economy
May Mon 2020
How long has it been that the world is driven by traditional knowledge causing many following problems such as the economic slowdown or even environmental crisis which is getting worst intensively day by day. Until now, when the future seems to face the dead end, of course several new ideas or methods starting to be presented as a solution as well. One of the gates of hope that has been spoken for a while is Biological Economy which is classified as one of the backlash of the New Economy. But what is the biological economy? So what are the benefits? This article will take you to find the answer together.
What is Bio Economy?
Bio Economy is to apply the knowledge of biotechnology to agriculture in order to add value to the product by introducing innovations to strengthen the agricultural sector in the economy and create more competitiveness. Shifting from creating original products to creating innovative manufacturing processes and products for the higher value needs of consumers.
The Bio Economy focuses on creating a sustainable bio-resource economy in line with the 17 Sustainable Development Goals (SDGs) set by the United Nations. In 17 goals, 11 targets of Bio Economy issues are included as follows;
Goal 1: Poorness elimination
Goal 2: Establishing food security and promoting sustainable agriculture
Goal 3: Good health and well-being
Goal 7: Accessible Clean energy for all
Goal 8: Valuable recruitment and economic growth
Goal 9: Industry Innovation Infrastructure
Goal 10: Reducing of inequality
Goal 12: Sustainable consumption and production plans
Goal 13: Climate change handling
Goal 14: Making use of the oceans and marine resources, and
Goal 15: Making use of land ecosystems
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Additionally, the biological economy is also linked to the Circular Economy, an economy that emphasizing on the use of various materials and products at the mots efficiency until complete its life cycle. It leads to the sustainability of the entire economy by using resources wisely and reduce pollution which causes the environment (Zero Waste) as well.
Besides, the biological economy is also related to the Green Economy, which focuses on solving the world pollution problems. And, it might be linked to bioinformatics such as the use of sensors to measure data in every step of the manufacturing process and then use the data with AI to analyze for finding ways to improve and reduce energy consumption or increase productivity by using the same volume of energy as in the past.
How good is Bio Economy?
Bio economy will play a role in helping solve many of today's global problems. Bio Economy knowledge in technology and innovation field will help it meets the basic human needs and also support the development of agriculture and food such as creating variety of new or improving the new production methods, etc.
In addition, the Bio Economy can help raising industry and environment to create new products made from bio plastics and new materials meanwhile also being able to switch some agricultural products into biological processes to be used as biofuel or bio-ethanol. This enhances the well-being of society, reduces carbon emissions and waste as well as increase the production efficiency by alternative energy plus increase the efficiency of food production well
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The National Science and Technology Development Agency (NSTDA) has further discussed the advantages of the biological economy as follows;
1. Bio Economy is a sustainable mechanism in line with the 17 United Nations Sustainable Development Goals.
2. The biological economy focuses on reducing resource consumption and increasing production efficiency.
3. The biological economy creates new products and create a continuous industry with a high economic impact.
4. Biological economy helps to reduce emissions and carbon dioxide.
5. The bio-economy supports the production of alternative energy such as biodiesel, ethanol and biogas.
6.Bio Economy increases labor market size, improves the quality of life, accesses to products and medical services.
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Thailand is ranked at the 8th highest biodiversity area in the world, utilizing the wisdom base on life and environment accumulated since the past and combines with knowledge of science and technology to understand various biological properties. It could be an important starting point, leading to the creation of products that expand into different industries in the future such as food production, medical treatment, Cloths manufacturing and others appliances. All of these are the driving force made from Bio Economy. Creating both of value and price for economy of country sustainably.