I think this is something that needs to be developed further. bio-industry would help us to solve various environmental problems, especially in the increasing number of plastic waste. I noticed that some restaurants in my country have started to realize this, by replacing their straws from bamboo. I think that's a good first step.
Absolutely, if done well, it means there will be no waste. And the existing waste in landfills and oceans can be used as a useful input. It is up to us to figure out how. For example, by studying how various organisms decompose various types of materials, we can craft or readily use similar processes.