09.05.2014

Finland’s bioeconomy strategy shows the way forward

The significance of the forest sector will continue to be of great importance in Finland, as more than half of Finland’s present bioeconomy activities are based on forests.

According to Finland’s first bioeconomy strategy, the Government’s goal is to increase the yield of the bioeconomy from the present € 60 billion to € 100 billion and to create 100,000 new bioeconomy jobs by 2025. These targets are included in the decision-in-principle approved by the Government, which is aimed at spurring renewal in Finnish business and industry, and economic growth in the new important fields of the bioeconomy and cleantech.

The bioeconomy refers to economic activities which use renewable natural resources in a sustainable manner for the production of bio-based products, nutrition, energy and services. The bioeconomy is expected to be the next economic wave, after the fossil economy. Its characteristics include the sustainable use of environmentally friendly clean technology, bio-based renewable natural resources and non-material ecosystem services, and the efficient recycling of materials.

The leading idea in the Finnish bioeconomy strategy, which is attached to the decision-in-principle, is to create economically competitive and sustainable bioeconomy solutions to global problems while establishing new business on international markets.

The significance of the forest sector has been, and will continue to be of great importance in Finland, as more than half of Finland’s present bioeconomy activities are based on forests. The bioeconomy brings together wood processing, chemistry, energy, construction, technology, as well as solutions related to nutrition and welfare.

The bioeconomy strategy has been prepared as a collaborative effort between the Ministry of Employment and the Economy, the Ministry of Agriculture and Forestry, the Ministry of the Environment, the Ministry of Education and Culture, the Ministry of Social Affairs and Health, the Ministry of Finance, the Prime Minister’s Office, and their administrative sectors, as well as VTT Technical Research Centre of Finland and the Finnish Innovation Fund Sitra.

Source: Good News from Finland