The use of renewable energy is seen as the way forward toward meeting the goal of sustainable development and economic growth. Some of the notable renewable energies used include solar, biogas, wind, hydropower, and hybrid technologies. The use of renewable energy usage is advocated in several countries of the world, although there are some concerns about the negative impacts associated with the use of renewable energy. The concept of the bioeconomy is an evolving one with varying definitions, and the need for a sustainable bioeconomy across the world has continued to grow. Achieving sustainable development in the Global South has become a pressing concern, as the region is faced with challenges such as energy poverty, environmental degradation, and economic changes. Overall, the ideas discussed in the write-up provide a comprehensive overview of the current state of research on renewable energy technologies, while also identifying several avenues for future research and development in this rapidly evolving field. In conclusion, the literature reviewed highlights the importance of renewable energy in the bioeconomy, emphasizing its role in environmental preservation, economic growth, and sustainable development. Moving forward, future research should address the identified knowledge gaps to further advance our understanding of the multifaceted significance of renewable energy in the context of the bioeconomy. Also, innovation in this field is crucial to addressing energy challenges, reducing carbon emissions, and achieving sustainable development goals.