Composite Bioeconomy Sustainability Index

Title of the project that developed it: Bioeconomy in the shade of Green Deal

Acronym: BioDeal

Funding source: Latvian Council of Science

Description of the methodology:

The Bioeconomy Sustainability Index consists of 13 indicators grouped into four main dimensions of the sustainable bioeconomy – socio-economic impact, resource sustainability, innovation and technology, financing, and government support. The study demonstrates the development and application of the Composite Bioeconomy Sustainability Index to measure and monitor the progress of bioeconomy development in European Union countries. The Bioeconomy Monitoring System created by the EU is the basis for the availability of uniform and consistent data in the bioeconomy sector, based on which countries’ progress can be assessed with the help of the Bioeconomy Sustainability Index. The results revealed the main drivers and cornerstones of the bioeconomy in each country and thus pointed out specific directions for national policymakers for further bioeconomy development. The proposed composite index could also help establish EU-wide benchmarks that can be used to set more precise long-term strategic goals.