Fish farming requires that the local communities accept salmon farming in their areas.
A fish farmers´ main cost drivers, risks and opportunities are increasingly connected to managing our impact on the environment, our personnel and the local communities where we operate. Systematic efforts to secure a sustainable balance are therefore fundamental in order to facilitate long-term, profitable growth. These efforts are increasingly material for the industry´s viability. This helps to secure a healthy result development, which again provides a better return on equity for investors in the industry.
Fish farming is based on the management of shared natural resources. Professional management of these resources is of high interest to our stakeholders and is essential for our own profitability. The clearest example is fish biology, were operational challenges like disease, sea lice and escapes are central to the local ecosystem. The handling of these issues then has consequences for product quality, treatment costs and fish loss. In addition, sustainably farmed fish are seen as an important part of the solution for bringing energy efficient protein to a growing population.
Fish farming requires that the local communities accept salmon farming in their areas. Hence it is important for Grieg Seafood to contribute with positive effects to the local communities were salmon is produced and processed, both with regard to environmental impact and in terms of social consequences.
Global Salmon Initiative (GSI)
We are an active member of the Global Salmon Initiative (GSI.) GSI is a group currently comprising 12 companies which represent more than 50 % of the global production of salmonids. The companies have committed to cooperation and transparency, in order to reach a shared goal of producing a sustainable and healthy product. A product that meets a growing population´s need for protein, whilst minimizing any negative environmental impacts, and positively contributing to a better society.
This initiative obliges us to seek ambitious goals relating to:
- Minimising environmental impact
- Securing sustainable feed
- Continuing to improve our contributions to the development of local communities
- Supporting economic growth and stability
- Producing a healthy and nutritious product in a sustainable way
In collaboration with the other GSI members, we have continued to develop the focus of the initiative. The CEOs of the member companies meet regularly, and the initiative has become a forum for sharing best practices and to address key challenges. To achieve comparability within the industry and to improve reporting and approaches related to transparency and communication, GSI has developed industry-specific performance indicators. In autumn 2015 GSI published its first progress report summarizing the first year’s activities to improve aquaculture practices across the industry. In 2015 Grieg Seafood had the responsibility as Co-Chair of GSI.