The blue bioeconomy has the potential to be a major contributor to achieving sustainable development in the Arctic and beyond. The term “blue bioeconomy” refers to sustainably maximisingthe value and use of aquatic bioresources using innovative processing methods. It is a source for great optimism for the circumpolar region.
Today, estimates reveal that up to 43% of captured fish and shellfish resources end up either as wastage or discarded material. This means that companies are throwing away 43% of thebiomass that could potentially generate substantial profits by developing methods for turning “waste” into high value products for food, feed, bio-products and bioenergy sectors. The blue bioeconomy is a back to basics thinking in the sense that it revolvesaround making the most of available resources, and maximizing the value of and revenue from marine catches while minimizing waste and negative environmental impacts of marine operations.
This session brings together representatives of the Icelandic Chairmanship of the Arctic Council (sharing best practices from Iceland), project leads of the Council’s Sustainable DevelopmentWorking Group (leading the Council’s first project on blue bioeconomy), representatives of the Indigenous organizations holding Permanent Participant status in the Council, and representatives from the Arctic Economic Council.
The session is divided into two parts: an expert panel and an interactive workshop.
Participants are encouraged to registerfor the side event in order to ensure that the workshop can be designed to benefit from the expertise and areas of interests of participants.