Bioeconomy is an economy that relies on renewable resources to produce food, energy, products and services. A responsible bioeconomy will reduce our dependence on fossil-based natural resources, help prevent biodiversity loss and create new economic growth which is consistent with sustainable development.
Finland has developed its bioeconomy for hundreds of years, in particular its forestry industry. Finland manages its forests responsibly and sustainably. In fact, there is 50% more timber in Finland’s forests than 50 years ago, according to Forest Finland. After a tree is felled, the standard procedure is to plant four new trees in its place.
FINLAND OFFERS THE WORLD BIOECONOMY KNOW-HOW
Long commercial experience and research in the entire forestry value chain has discovered how wood can replace many wasteful materials, such as oil and textiles.
Much of the technology that has been developed to transform wood-based cellulose can also be used with other biological resources, such as straw and crop residue from agriculture. This means solutions developed to be used on Nordic forests can even be used in countries which don’t have a forest industry.
Other Finnish strengths are useful to the bioeconomy, such as in software, mobile communications and design.
The Finnish state has given strong, stable, long-term policy support to ensure the stable growth and development of the bioeconomy. Finland’s 2025 vision is that sustainable solutions will form the basis of the country’s future welfare state and competitiveness.
Finnish companies, universities and other organisations are actively seeking international partners to help develop radical bioeconomy innovations.
FACTS AND FIGURES
The bioeconomy added 26 billion euros to the Finnish economy in 2019.
The bioeconomy makes up 13% of the Finnish economy.
Forestry is the largest bioeconomy sector (9 billion euros), followed by construction (4.6) and food (4.3).
Bioeconomy services is one of the fastest growing sectors. Output grew 5.2% in 2019 while investments leaped 9.3% and the number employed climbed 2.8%.
Over the long term the energy sector is seeing investments grow the fastest, at about 13% annually.