Bioeconomy as a new promissory discourse neither challenges the paradigm of economic growth, nor questions its embeddedness in capitalist (neo-)colonial patriarchal power relations. However, the calls for a ‘genuine’ socio-ecological transformation and for alternative bioeconomy visions imply exactly a destabilization of these power relations. Drawing on the Bielefeld subsistence approach and on its colonialism–capitalism–patriarchy nexus, I argue that the latest bioeconomy strategy and policy papers of both the EU and Estonia each disregard certain spheres of the bioeconomy due to the three-dimensional power relations. As a seemingly neutral political discourse, the bioeconomy is shaped by cultural assumptions and narratives that determine and perpetuate what is deemed worthy of protection and what is pushed aside as merely ‘natural’. As such, the current bioeconomy papers promote a ‘biomass-based model of capital accumulation’ that is essentially built on the prerequisite of the subordination, devaluation, appropriation and/or exploitation of (1) different geographical regions, (2) ecological foundations, and (3) prevalent bioeconomy practices. As a widespread agricultural practice in Eastern Europe, Food Self-Provisioning (FSP) serves as a good example of how predominant bioeconomy models (1) simply operate as new forms of postcolonial development discourse, instead of embracing the plurality of decolonial ‘alternatives to development’; (2) deepen the human–nature dichotomy by regarding nature as a mere resource to be extracted more efficiently instead of cultivating mutually nourishing partnership-like relation(ship)s with nature; and (3) maintain the separation between monetized and maintenance economies, rather than fostering ethics of care to overcome the structural separation between the latter.