Driving Green Investments by Measuring Innovation Impacts. Multi-Criteria Decision Analysis for Regional Bioeconomy Growth

Abstract

Regional policies play a pivotal role in green transition and pursuing the European Green Deal decarbonization targets. Despite the general recognition of the strategic value of the bioeconomy in realizing this challenge, regional roadmaps for its growth are not yet a widespread tool in local innovation policy. Conversely, driving green investments by measuring the innovation potential of the bioeconomy could shape a low-carbon economy by leveraging the full potential of local resources. In order to validate a replicable decision-making model driving 2021–2027 ERDF funds towards this mission, this paper measures the economic, social and technological impact of the Lombard bioeconomy through five applications and eight criteria. The methodology allows quantification of the local bioeconomy value and, through a Multi-Criteria Decision Analysis (MCDA), identifies the bio-based applications with the highest innovation potential. By measuring the current and prospective impact of the bioeconomy, Bio-chemicals, Agri-foods, and Biopolymers emerges as the applications with the highest innovation potential rate for Lombardy. Five recommendations to drive green investments and shape the regional roadmap for the bioeconomy are finally defined, providing a tool for industrial applications with a greater impact on local competitiveness.

What Drives a Future German Bioeconomy? A Narrative and STEEPLE Analysis for Explorative Characterisation of Scenario Drivers

“…A stronger policy prioritisation of incentives and penalties for practices that have a negative impact on the environment could promote the implementation and diffusion of different bioeconomy concepts, such as the cascade (Driver 14) valorisation of residue and side products or cultivation of new introduced biomasses (e.g., Driver 4,5 and 6). Moreover, the innovation potential of the bioeconomy concepts themselves could be a key variable for incentives, as analysed for example by Gatto et al [171]. Possible conflicts of interest with existing production processes need to be acknowledged, as well as the high diversity of feedstock carriers (BB1).…”

“…While in the present work the objective was set on the identification and characterisation of individual drivers, analysis of the relational context of the drivers in the next step could support decision-making at the political, economic, and especially at the general sustainability level and to promote the formulation of action plans and concrete goals [15]. Methodologies as a complete scenario analysis including analysis of the significance of the drivers [21,39], system dynamics, which emphasises causal relationships [182], or Multi-Criteria Decision Analysis (MCDA) [171] could support this objective and assist actors to integrate presented concepts into regional strategies and investment schemes, considering the use of local resources and long-term trends.…”

Contribution of the European Bioeconomy Strategy to the Green Deal Policy: Challenges and Opportunities in Implementing These Policies

“…In addition, this new ambitious EU growth strategy is linked to and overlaps with other environmental policies such as climate change [29][30][31][32] as well as circular economy [33][34][35] and even covers a significant part of the Sustainable Development Goals [36,37]. Considering the role and contribution of the bioeconomy in the European Green Deal, more attention has been given to separate strategies such as the EU Forest Strategy [38,39] or soil management [40], farmland [41], food production [42] and green investments for the bioeconomy growth [43]. Pyka et al [44] reviewed how the bioeconomy addresses climate change policy, circular use of biomass resources, biodiversity conservation, pro-environmental behaviour, and technological change, which are also included in the European Green Deal policy.…”

Evaluation of Industrial Green Transformation in the Process of Urbanization: Regional Difference Analysis in China

“…The multicriteria decision analysis (MCDA) method also provides a tool for the evaluation of green industrial development. This method uses a total weighted score to evaluate industrial development by selecting multiple related criteria [39]. This paper tends to choose the DEA method to examine the operation of the industrial economic production system.…”