Biofuture Platform launches Five Principles for Post-COVID Bioeconomy Recovery and Acceleration

The Biofuture Platform, a twenty-country, multi-stakeholder initiative, designed to take action on climate change and support the Sustainable Development Goals by promoting international coordination on the sustainable low-carbon bioeconomy, announced the launch of a set of voluntary principles.

Bioenergy, already employing around 3 million people worldwide, is expected to play a key role in the decarbonization of the energy sector (heat, transport & electricity). However, it is also one of the sectors most affected by the COVID crisis. The IEA Sustainable Recovery plan shows that biofuels could be a very cost-effective way to create employment in the energy sector, as they have the second-largest number of jobs (15-30) created per million dollars of spending.

Dr. Fatih Birol, Executive Director of IEA: “Bioenergy is the overlooked giant of the renewable energy sector and will be paramount to a successful global energy transition. But its growth is currently not on track to meet sustainable development goals. It is critical that governments incorporate bioenergy in their COVID economic recovery plans, promoting jobs in the sector and ensuring its considerable potential does not remain untapped”.

The five Principles are:

1)  Do not backtrack: Ensure continuity and long-term predictability of bioenergy, biofuels, and bio-based material targets and existing policy mechanisms that have proved successful;

2)  Consider short-term COVID support for producers: Where appropriate, address short-term challenges for bioenergy and bio-based materials industries in the context of relief packages related to COVID-driven economic losses;

3)  Reassess fossil fuel subsidies: Take advantage of a low oil price environment to reassess fossil fuel subsidies for a fairer playing field;

4)  Build Back Better with Bio: Where appropriate, integrate the bioeconomy sector as part of broader recovery programmes, e.g. by requiring bioeconomy investments/targets as part of aid and recovery packages for specific sectors such as transport and chemicals; and

5)  Reward sustainability: Integrate sustainability rewarding mechanisms into policy frameworks, promoting positive externalities in the production and use of bio-based fuels, chemicals and materials.

The full statement can be found here.