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The aim of this paper is to analyse the conditions for a second wave of industrial dynamics of forestry rich regions in old industrialised nations which in the past contributed to the industrial competitiveness but today find themselves in the periphery of industrial development. The main argument is that the process of globalisation and climate change mitigations combined create a scramble for biomass and that this provide a golden opportunity for a revival of the industrial base of forest rich regions. In the 21th century bioenergy applications and new biomaterials based on the properties of boreal trees are emerging in Scandinavia. These resources in combination with new technology can contribute with advanced materials and solutions in a world moving away from fossils. This emerging paradigm has some of the infrastructure already at place-i.e. pulp mills that for decades have been used for papermaking. At least to 2020, the scramble for bioenergy solutions might be a second best alternative in the climate change mitigation in order to reach the European policy goals. Considering our findings this might restrict the potential for biomass pathways with higher potential both from carbon sequestration and industrial development perspectives. Index Terms-Climate change; peripheral regions; old industrialised resource rich nations; industrial dynamics.