G20 approves declaration setting out 10 principles on bioeconomy

On Wednesday (Sep. 11), G20 representatives approved a declaration establishing ten principles for advancing the global bioeconomy. This document emerged from discussions at the 4th meeting of the G20 Bioeconomy Initiative (GIB), held in Rio de Janeiro throughout the week. Brazil, which is currently chairing the G20, hailed the consensus on the text as a historic achievement.

The bioeconomy encompasses innovations utilizing biological resources to create more sustainable products, processes, and services. A key focus in this area is substituting fossil-based raw materials with environmentally friendly alternatives.

“This is the first time the bioeconomy has been addressed in a multilateral agreement,” stated a release from the Brazilian presidency at the G20.

“The bioeconomy is based on the most advanced science and traditional knowledge built up over centuries by indigenous peoples and traditional communities, offering a promising pathway for an ecological transition towards a more sustainable and inclusive global economy,” the statement continues.

Titled “High-Level Principles on the Bioeconomy,” the declaration outlines a commitment among countries to address various global challenges. It includes efforts to eradicate hunger and poverty, integrate indigenous peoples and local communities, mitigate the effects of global climate change, conserve biodiversity, promote sustainable consumption and production patterns, employ transparent methods for assessing value chain sustainability, and harness innovation through international cooperation, among other topics.

Innovation

The establishment of the GIB to address bioeconomy issues is one of the key innovations introduced by Brazil's G20 presidency. It aims to facilitate the sharing of successful experiences and best practices among countries.