This article discusses an innovative carbon capture and utilization project from societal, economic, and ethical perspectives. UiT—The Arctic University of Norway and the ferrosilicon producer Finnfjord AS, both located in Northern Norway, collaborate to develop sustainably produced fish feed by cultivating microalgae (diatoms) that feed on CO2 from the factory fume. The microalgae biomass, when added to fish feed applied in the aquaculture industry, contributes nutrients that are essential to human and fish health. The project carries the potential to contribute to the operationalization of the Sustainable Development Goals. The present study is intended as a contribution to the literature focusing on CO2 utilization as a means of achieving a sustainable “green” transition in the industry. By viewing the utilization of CO2 through the lenses of biotechnology, a circular economy, ethics and philosophy, our research findings are relevant to sustainability scholars, industrial actors, and policy makers. It also presents future perspectives on how the aquaculture and manufacturing industries can contribute to the operationalizing of the Sustainable Development Goals in a rapidly evolving industrial environment that is now undergoing a paradigm shift.