By Jeff Passmore, CEO Passmore Group Inc.; Chair, Scaling Up; Board of Directors, Canadian Club of Rome
Special to The Digest
If you heard Canada is sitting on an untapped $200 billion/year sustainable economic development opportunity for forestry, agriculture and municipal solid waste, would you not want to hear more?
In its May 2020 report “The Bio Revolution: Innovations transforming economies, societies, and our lives” McKinsey Global Institute wrote: “The direct economic impact of the Bio Revolution could be up to $4 trillion a year over the next ten to 20 years. More than half of this direct impact could be outside human health in domains such as agriculture and food, consumer products and services, and materials and energy production.”
This latter half, the part that is ‘outside human health’ (not pharmaceuticals), is known as the industrial bioeconomy and, paraphrasing the International Energy Agency, refers to the production of products and materials from the sustainable processing of biomass – trees, crops (residue or dedicated), grasses, algae.