Governance plays two key roles in fostering a sustainable circular bioeconomy. First, it has a safeguarding function, which involves establishing explicit safeguards to ensure economic, social, and ecological sustainability through appropriate governance approaches. Second, it has an enabling function. Beyond ensuring sustainability, the governance framework must also ensure fair competition for bioeconomy processes and products. This, in turn, facilitates efficient decision-making between alternative technologies and the use of biogenic and non-biogenic resources in the marketplace.