Circular Bioeconomy: a Comprehensive Approach to Planetary Health and Sustainability

The biosphere, which supports humankind, has undergone extraordinary change in the past fifty years. The world’s economy and life on earth are both in danger because of our existing economic paradigm, which is dependent on fossil fuels and addicted to growth at all costs. This calls for the creation of a new economic structure; therefore, the current study aims to identify the key drivers promoting adoption of circular bio-economy. A total of sixteen key drivers have been identified based on literature and expert’s opinions. Interpretive structural modelling (ISM) has been used to analyse the data. The results indicate waste reduction, price competitiveness and cost efficiency are the most important driver promoting adoption of circular bio economy. The findings of the study will help in encouraging circular bioeconomy which improves resource efficiency, thereby, lessening demand on limited resources and allays fears about scarcity. Furthermore, the circular bioeconomy will aid in crafting policies to mitigate climate change by lowering dependency on fossil fuels and promoting bio-based products and energy sources.