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The concepts of sustainability and sustainable development (SD) are often used by policy-makers, stakeholders and the private sector, as a ‘selling point’ for their agendas and goals. Thanks to the wide, but also self-interpretive definition, the concepts allow various actors to make related pledges without necessarily undertaking any significant changes to their existing policies, strategies and actions. The purpose of this paper is to critically analyse the meaning of and approaches to sustainability and SD, which are being adopted and/or reformulated in the newly emerging bioeconomy policy debate of the European Union (EU). Understanding these concepts is crucially important given the growing importance of and adherence to bioeconomy-based policies and strategies by both individual EU Member States and the EU as a whole. The way bioeconomy policies perceive sustainability and SD as concepts will have profound implications not only on a practical level for policy implementation, but also on a conceptual level and for theoretical discourses surrounding sustainability and SD. The policy and narrative analyses illustrate that the current EU bioeconomy policy leans strongly towards prudentially conservationist, utilitarian and instrumental approaches to SD, as well as towards weak sustainability. We argue that a balance between environmental, social and economic dimensions – as introduced in the Brundtland report – is missing within the EU bioeconomy policy framework, since economic dimensions and concerns prevail over environmental and social dimensions. In the light of possible negative consequences of biomass production, we foresee an urgent need to define and broaden the scope of bioeconomy, as well as to include environmental and social concerns and safeguards. To tackle the shared challenges and constraints modern societies face today, a broader definition of sustainability needs to be adopted within the EU bioeconomy policy framework. Issues such as social justice, fairness and equity, social and environmental safeguards and local traditional knowledge in various concerned sectors should be taken into consideration. [ABSTRACT FROM AUTHOR]