Greenhouse gas emission reduction is strongly advocated within the European Union (EU). Biomass has emerged as a renewable energy source and as manufacturing raw material with ecological credentials to mitigate carbon imbalance. The EU has defined the bioeconomy encompassing these material sources as a basis for technological and economic development. Biocenology, describing the study of natural communities, however, additionally demands inclusion of a circular economy, in which it needs to be assumed that endless renewable products are kept in continuous circulation of use and reuse. Thus, there arises the question whether the bioeconomy route alone, promoted by the EU, is sustainable. Using research literature, based on the Delphi method, and EU documents, we discuss the importance of sustainable management of bioresources. Short term solutions may remain necessary to ensure economic stability but, without embracing the circular economy, only limited mitigation of greenhouse gas emissions can be expected.