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In Finland, new forest-based sector (FBS) businesses are seen as important for the transition to the circular bioeconomy. The purpose of this study is to explore the transition of Finnish FBS companies to new business models. The aim is to understand how FBS companies define their ideal future states and related business models for the year 2030.

This study uses thematic interviews with managers from various FBS firms and companies from interfacing sectors. In the interviews, the key idea of backcasting was pursued when respondents discussed the desirable future states of their business.

The effort to achieve growth of the business and the appearance of new products characterize the company-specific desirable future states. In these desirable futures, expanded businesses will be based on strong knowledge. Resource efficiency and collaboration create a strong basis for the desirable future state of the whole FBS to create a sustainable and innovative “Wood Valley.”

The key limitations are that the backcasting process has been conducted only through interviews and a participative approach with stakeholder dialogue is lacking in the process. This means that the desirable futures are created by the FBS companies only.

As a practical contribution, the study shows the future-oriented thinking and goals of FBS firms. As a theoretical contribution, it extends research on sustainable business models and discussions on the novel field of corporate foresight.

The purpose of this study is to examine what the most significant aspects of environmental sustainability in the forest biorefinery sector are and what kind of criteria should be applied to an evaluation of environmental sustainability in the forest biorefinery context.

The topic is approached by themed interviews in Scandinavia and North America with 23 representatives from the forest and bioproducts sectors. The interviews were examined using the thematic analysis method.

The study indicates that environmental sustainability may be an important driver for the forest biorefinery business. From the perspective of environmental sustainability, harvesting feedstock will be the most challenging part of the value chain to manage. Raw material availability and its sustainability, life‐cycle perspective and beneficial products were the most important criteria in the environmental sustainability assessment of forest biorefinery value chain companies.

A sector‐specific guideline was formulated for the most important criteria to be included in an environmental sustainability assessment of forest biorefinery value chain companies. The criteria comprise the first step of a more elaborate evaluation framework, which can provide more accurate information about the sustainability performance of biorefinery value chain companies. The criteria can encourage companies to analyze environmental sustainability challenges holistically, increase a company's transparency for its stakeholders and offer information to investors about the environmental status of the company.

The novelty of the study lies in the sector‐specific, holistic environmental sustainability evaluation in the emerging forest biorefineries.

The purpose of this paper is to analyze and provide a synthesis of how services are understood, how they are likely to develop and how future development can be studied more closely in the forest-based sector (FBS). Services are likely to have an increasing role in the FBS in the future.

The findings are based on a literature review of FBS outlook studies, strategies and programs and services-related studies in FBS and general services literature. Three case examples of services businesses in FBS companies are presented, and possible foresight approaches related to them are discussed. Foresight methods used in parallel sectors are also discussed.

The study provides the first systematic introduction, classification and review of FBS services to include both industry- and non-industry-related services. The paper also points out the need for foresight studies and suggests various approaches for an analysis of the potential of FBS services in the future bioeconomy.

The study shows that the role of services in FBS research has been understood too narrowly. As a result, services research has been rather lacking and the future potential of services in the FBS has not been fully acknowledged. The study argues for and points toward the need to use foresight approaches to update FBS strategies, business models and policies to fully benefit from the future potential of services.

The study is a novel introduction, review and discussion of the role of services in the FBS and their future outlook.