It is the first time an international commitment has been made to develop targets – and an action plan – for the bioeconomy. The Scaling Up the Low Carbon Bioeconomy declaration has been achieved via the Biofuture Platform, which is supported by 20 countries.
The International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA), members of the Biofuture Platform, have said the goals of the Paris Agreement cannot be met without growing the bioeconomy and increasing the use of sustainable biofuels.
The pair said in a statement: “In order to limit the increase in global average temperature to well below 20C above pre-industrial levels and pursue efforts to reach 1.5ºC, bioenergy and biofuels share in the global energy matrix must be accelerated to achieve at least a doubling in the next 10 years”.
This varies by sector, with some needing to go even further.
“Biofuels in transport would need to grow three fold by 2030, most of it coming from advanced technologies using non edible feedstocks, including waste and residues,” added Fatih Birol, Executive Director of OECD’s International Energy Agency (IEA).
As the group begins work on producing an action plan, it is also calling for institutions and governments to provide easier access to financial tools that can support the growth of the bioeconomy.