Biotechnology In The Fight Against Climate Changes: Economic Incentives And Barriers

Abstract

This paper analyses the role of biotechnology in addressing climate change and explores the economic incentives and barriers, that influence the development and adoption of innovative biotechnology solutions. Biotechnologies, including the use of biofuels, carbon capture, sustainable agricultural practices and bioremediation, can play a key role in reducing greenhouse gas emissions and creating more resilient ecosystems. Their adoption contributes to reducing the impact of human activities on the climate, increasing the efficiency of natural resource use and improving the resilience of ecosystems.

The article focuses on the economic mechanisms that support the development of biotechnology. These include government subsidies, tax incentives, research and development grants, and programmes aimed at commercialising green technologies. Such incentives can significantly accelerate the transition to more sustainable and environmentally friendly technologies, as well as reduce financial risks for private investors and businesses. Particular attention is paid to the role of government and international initiatives, such as the Paris Agreement and various environmental programmes that aim to reduce carbon footprints.

However, the authors also analyse the economic and political barriers that hinder the widespread adoption of biotechnology. One of the main obstacles is the high cost of developing and implementing new biotechnological solutions, which requires significant initial investments. In some cases, due to regulatory uncertainty and market instability, private companies are not always willing to invest in long-term environmental projects. Also, there is a lack of sufficient infrastructure for large-scale application of innovative technologies, which limits their diffusion and efficiency.

The conclusions to the study emphasise the need for a comprehensive and coordinated public policy aimed at removing existing barriers and creating favourable conditions for sustainable development of biotechnological solutions. An important aspect is the improvement of interaction between the public and private sectors, as well as the creation of conditions for attracting private investment in environmentally friendly technologies. The authors argue that a successful fight against climate change is only possible if innovative biotechnologies are actively supported at all levels - from scientific research to their commercialisation and implementation in everyday life.