The innovative project, led by researchers from the Trinity Business School, represents a significant step towards the sustainable use of marine resources, with the research group aiming to shine light on the socioeconomic, and environmental potential of a bioeconomy, in addition to the steps necessary to enact such a model.
Joining over 100 other marine businesses also taking part in the study, Abalone Chonamara Teoranta - an abalone farm based in the Connemara region of County Galway, Ireland - will participate in the major pilot study which seeks to provide insight into how a nature-focussed bioeconomy might work, alongside associated benefits and trade-offs.
“We are delighted to participate in this research. While there is much scientific evidence about the benefits of abalone, seaweed and other forms of mariculture for storing carbon, much less research is looking at new opportunities for growth and scaling,” commented Cindy O’Brien, owner of Abalone Chonamara Teoranta, in a report from Irish Independent.
“We need to start cultivating these raw materials and we urgently need more research and financing to support the growth of these types of climate-resilient, nature-positive businesses,” she added.
Highlighting the importance of sustainable development of marine businesses for coastal communities in Ireland, Allan Mulrooney, chief executive officer of the Western Development Commission, said: “The blue economy is a key priority for the Western Region of Ireland, reflecting our dedication to exploring sustainable development within this sector. We are keen to engage with businesses of varying sizes to navigate this evolving landscape together.”
“Recent research highlights the potential benefits of directing more investment towards environmentally conscious initiatives, like ocean farming. While this presents an exciting opportunity, it also allows us to consider how such strategies could foster economic vitality and environmental well-being across our region,” he added.
In addition to mariculture and marine businesses, the project will also investigate several other nature-reliant industries, such as forestry and agriculture.
