Currently, Canada can gain up to $200 billion a year if they engage in sustainable economic developments such as municipal solid waste, agriculture, and forestry. Research confirms that if Canada joins the Bio Revolution, its economy will more than likely grow by $4 trillion in an average of fifteen years. The benefits of a bio-economy could impact more than the areas of human health. It can stretch into consumer services and products, agriculture and food, and energy production.
The Bio revolution has been sparked by scientific breakthroughs and immense biological engineering, artificial intelligence, machine learning, data analytics, and computing. Materials that are made from Biology, in many cases, have unique qualities, bring with them new capabilities, their productions produce significantly lesser carbon, and they are biodegradable.
The entrepreneurs who are likely to join the revolution earlier on are likely to have $2 trillion in 2030. Currently, an average of fifty countries worldwide are coming up with strategies to grow their bio-economy, and Canada is not one of them. The countries are encouraging value addition, diversification, innovation, and sophistication of their economy. Their main goal is to reduce their carbon footprint as a country.
Europe also has strategies in place to achieve a Bio-economy across all countries in Europe. The European Commission set aside 9 billion Euros to be used from 2021 to 2027 that would enhance innovation and research in areas that are covered by Bio-economy. Canada definitely has the resources to be part of the revolution, and the big question is whether they will be joining.
Countries such as Canada that would not be joining the Bio revolution earlier on would have little or close to nothing to gain. Instead, they would be massive importers of bio-based consumer products from countries such as the U.S., Europe, and even China that are champions of the Bio-economy.
In Canada, there have been personal ventures that are bio-based, but most of them have had to relocate to countries such as the U.S to acquire commercialization and financing. Headed jointly by Innovation, Science and Economic Development, Natural Resources Canada, and Agriculture Canada, Canada requires to generate a proper Bio-economy strategy.
