Business, Bioeconomy and Biodiversity: A Management Framework for Integrating Bioeconomy and Biodiversity

ABSTRACT Given the dependence of the bioeconomy on an intact biodiversity, companies aiming to contribute to the transition to a bioeconomy are likely to benefit from addressing biodiversity‐related risks and opportunities. Besides attending to key bioeconomy principles, managers may need to additionally consider direct drivers of biodiversity loss, i.e., land‐ and sea‐use change, resource exploitation, climate change, pollution, and invasive species. Promoting a sustainable bioeconomy while managing biodiversity impacts can be facilitated by comprehensive measures, including setting goals, measuring impacts, monitoring progress as well as embedding the constructs into organizational structure and culture. Existing management guidelines have neither considered the intersection of bioeconomy and biodiversity, nor do they provide comprehensive management control systems that take account of the organizational context. We combine insights from leading intergovernmental conventions on bioeconomy and biodiversity loss with research on biodiversity management and management control to develop a comprehensive management framework for integrating bioeconomy and biodiversity. By guiding companies to protect and promote biodiversity when transitioning toward the bioeconomy, our framework can contribute significantly to the growth and sustenance of the bioeconomy. In discussing the practical and theoretical implications of this framework, we contribute crucial insights for research on bioeconomy, biodiversity management, and management control.