Simply put, bioeconomy is a smart way of living without using up the earth’s finite resources. More formally, the Swedish Forest Industries Federation uses the definition given by Formas, the Swedish research council for sustainable development.
Bioeconomy is defined slightly differently in different parts of the world. One of the factors is the sector doing the defining. A clear and consistent definition of bioeconomy at the EU level would be very welcome in facilitating dialogue and development.
The Swedish Forest Industries Federation uses the definition of bioeconomy given by Formas, the Swedish research council for sustainable development: "A sustainable production of biomass to enable increased use within a number of different sectors of society. The objective is to reduce climate effects and the use of fossil-based raw materials. An increased added value for biomass materials, concomitant with a reduction in energy consumption and recovery of nutrients and energy as additional end products. The objective is to optimize the value and contribution of ecosystem services to the economy."