Why does this matter? As many of us head off to the beach for our summer holidays, this study serves as a sobering reminder that ocean plastic pollution is an ever-growing issue. As more tourists flock to coastal areas, the volume of single-use plastics, such as bottles, wrappers and bags, often increases, much of it ending up in the sea. It should also make us more mindful of how we dispose of waste and consider using more reusable items.

Nano plastics, which are less than 1,000 nm across and invisible to the eye, can enter the ocean through multiple channels. For example, sunlight, ocean turbulence and temperature fluctuations cause larger plastic items to degrade into smaller particles, eventually reaching the nanoscale.

Nano plastics and larger microplastics – particles less than 5 mm across – resulting from industrial processes, washing synthetic fibres and tyre abrasion, among others, can also flow in from rivers or descend from the air. With an estimated 14 million mt of plastic leaking into the ocean every year, a figure that continues to rise, critical measures are needed now to address the problem.

The study also identified polyvinyl chloride (PVC) and polystyrene (PS) in the collected samples. However, the researchers’ estimate is likely conservative as they were unable to detect two other major classes of plastics known as polyethylene (PE) and polypropylene (PP), although it is highly probable that these also enter the ocean. The team plans further investigations to understand if these particles were obscured by other molecules in the study. They also want to determine if nano plastics are as prevalent in oceans elsewhere.

Recent research has revealed that micro and nano plastics are ingested by a broad range of aquatic species, from microalgae to predators such as eels, with harmful effects including digestive blockages, immune responses, DNA damage and altered gene expression. The severity of these impacts depends on particle size, chemical composition and degradation. Many plastics also contain endocrine disruptors that interfere with hormonal systems.

Ultimately, these particles enter the human food chain, with regular seafood consumers ingesting thousands every year. While health effects are still being studied, early evidence suggests similar risks in humans, including cellular disruption and exposure to toxic additives. Nano plastics may also act as vectors for pathogens or bacteria, potentially raising the risk of infectious diseases.

Another recent study highlights that micro- and nano plastics are discharged in sea sewage spills. When combined with coastal winds, billions of these particles could lift from the sea and enter the air around coastal towns and cities and be inhaled by residents, posing another potential route for the health risks linked to plastics. The authors have urged the UK government to require water companies to filter out micro- and nano plastics from their wastewater.

Still, removing the vast amount of nano plastics already in the ocean is impossible with current technologies. Instead, the focus must be on prevention. Recycling efforts are key, and the global market for recycled ocean plastics is gaining robust momentum. According to a Custom Market Insights report, it is expected to be worth approximately $1.9 billion this year and could reach $3.5bn by 2034.

Bureo is one such company operating in this space, taking discarded fishing nets and transforming them into 100% recycled raw materials used by household names such as Toyota, Patagonia and Trek. Another player in the area is AION, which recycles ocean plastic into everyday items such as shopping baskets and trays that can be returned for further recycling in a truly circular approach.

Beyond recycling, the world must simply use less plastic. Currently, more than 400 million mt of plastic is produced annually and could triple by 2060.

The next meeting to create the legally binding Plastics Treaty will take place from 5 to 14 August in Geneva, Switzerland. This will attempt to finalise the text after negotiations stalled at the previous round of talks in Busan, South Korea, in late 2024. Nevertheless, at the close of that meeting, 100 countries warned there could be no treaty without a cap on plastic production, a call that was reiterated at the UN Ocean Conference in June. The world will be watching to see if this can finally be achieved in the coming weeks.

Why does this matter? The environmental harms of marine plastic are numerous. Ghost fishing gear comprises 30% of total plastic waste in the oceans. Current data is likely to be an underestimate of the actual abundance of abandoned, lost and otherwise discarded fishing gear (ALFDG) in the ocean.

Large nylon nets can be up to the size of football pitches and take up to 600 years to break down. In the meantime, they harm aquatic life by entrapping creatures. As fishing equipment decomposes, it becomes microplastic pollution, which may have a detrimental effect on human health due to the bioaccumulation of plastics moving up the trophic ladder.

Automating the process of locating ghost nets – as Ghost Net Zero AI is doing – enables a huge speeding up of possible clean up globally. However, funding of clean up activity by governments is essential follow through to make their efforts impactful.

Ocean 14 capital invests in several companies tackling marine plastic. Bureo recycles discarded fishing nets into recycled raw materials used by brands including Patagonia, Toyota and Trek. Annually it collects 1,000+ metric tons of nets across six countries. It exemplifies a path to a circular economy in the fishing industry.

When it comes to solutions to reduce plastic pollution at all stages of the production line, AION tackles the issue at the root. It analyses clients’ plastic-product value chain and identify how to reduce virgin plastic use, replacing it with recycled plastic and how to avoid generating plastic waste in the process.

It is important to see the systemic nature of marine plastic waste. A recent study on the knowns and known unknowns of fishing plastic waste suggested potential reasons for increasing ALDFG fishing material. Pressure from enforcement measures can incentivise illegal fishers to abandon nets to avoid detection.

Meanwhile, operational pressures, such as adverse weather patterns mean that occasionally gear must be abandoned for safety reasons. Furthermore, economic pressure adds an incentive to dispose of materials at sea if the alternatives require additional time and cost.

There are several factors that influence output of plastic at all stages of the value chain. Globally, international laws and enforcing bodies still struggle to monitor and govern the oceans. Whereas, from a financial standpoint, existing economic systems incentivise profit-making and efficiency within the fishing industry more so than environmental stewardship. Therefore, when designing fishing nets, synthetic materials are the obvious choice given their durability.

Additionally, knowledge about the dangers of jettisoning fishing materials is not universally understood, so another approach may be to fund and facilitate training programmes for fishers in areas with low education. NGOs such as Blue Marine Foundation are important partners in this endeavour, as detailed in its 2024 annual report, it facilitated nearly 4,000 to complete training programmes.

Existing international treaties on plastics are patchy and unevenly enforced. Two significant pieces of legislation are the UN Global Plastics Treaty and the Basel Convention. The Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal, first introduced in 1989, was amended in 2019 to include plastic waste, aiming to regulate its trade and prevent illegal dumping in developing nations.

Whereas the UN plastic treaty would be legally binding and was under negotiation for two years. However, discussions were paused in 2024 when member states were unable to agree. Negotiations will continue this year.

15 June 2022, London. Ocean 14 Capital Fund, a private equity impact investment fund focused on the United Nations’ Sustainable Development Goal 14 (SDG 14): Life Below Water, has entered into an investment agreement with AION. Under the agreement, Ocean 14 Capital Fund and Aker BioMarine will jointly provide financing through a NOK 40 million convertible loan facility, equally distributed between the two parties.

The Ocean 14 Capital Fund will take operational control and have both a majority of the voting rights and board representatives in the company towards the next financing phase. The financing will be used for growth and working capital in the initial phase for AION.

The Ocean 14 Capital Fund’s investment will contribute to the solution of the escalating global plastic waste problem. “The Ocean 14 Capital Fund will contribute to scale commercial solutions to mitigate the plastic pollution problem. We have identified AION as a company to take a leading role within industrial plastic circularity, offering impactful solutions with digital traceability to large brand customers. The passionate and knowledgeable team has impressed us with their drive, and we look forward to contributing when AION will enter the next phase for future growth,” says Chris Gorell Barnes, Co-Founder and Partner of the Fund’s Investment Adviser, Ocean 14 Capital Ltd.

“With [Ocean 14 Capital Fund’s] innovation focus on sustainable ocean solutions, we bring onboard the right competence and drive to take AION to a new league. I am confident that AION will benefit from the experience, network and industry insights that Ocean 14 Capital Ltd brings to the company. They have a highly skilled and reputable team and form an ideal partner for AION,” says Matts Johansen, chief executive officer, Aker BioMarine.

“There is a need to move to more sustainable consumption and businesses play a crucial role in the transition to a circular economy. Our mission at AION is scaling circular plastics with a digital platform tracing materials and products in industry. We are excited to partner with Ocean 14 and receive the Fund’s coming contributions to our continued journey,” says Runa Haug Khoury, chief executive officer, AION.

The transaction

· Aker BioMarine and Ocean 14 Capital Fund jointly commit NOK 40 million in an unsecured convertible loan facility to finance the company’s working capital and growth on a pre-money valuation of EUR 9.5 million.

· Ocean 14 Capital Limited shall devote time and resources to AION and its developments and operations to continue its growth trajectory and position the company for securing future financing.

· Conversion shall take place upon a subsequent capital raise from external investors. After conversion, Aker BioMarine is expected to own around 85% of the shares in AION.

· As a result of the transaction, Aker BioMarine will book a gain of around USD 6 million as other operating income in second quarter 2022[2]. The gain will be included in operating profit, but excluded from adjusted EBITDA for the period. The investment in AION of around USD 10 million will be treated as shares in associated companies.

· AION will be deconsolidated from the group consolidated financial statements of Aker BioMarine from the second quarter 2022.

About Aker BioMarine ASA

Aker BioMarine ASA is a leading biotech innovator and Antarctic krill-harvesting company developing krill-derived products for consumer health and wellness as well as animal nutrition. The company has a strong position in its industry and is the world’s leading supplier of krill, the natural, powerful and health promoting source of nutrients from the pristine waters of Antarctica. The company’s focus on sustainability inspired the launch of AION that assists companies to recycle and reuse waste. Aker BioMarine is listed on Oslo Stock Exchange.

www.akerbiomarine.com

About AION AS

AION AS aims to become a leading circularity player within robust plastic fractions with a scalable and technology-agnostic business model, Circularity as a Service (CaaS). The company provides flexible and traceable end-to-end services in the field of circularity on plastics with a documented sustainability effect for its customers. AION works with a network of suppliers in the physical value chain, selecting the partners that are best suited to the specific loop. It has several customers across various geographical markets and industries, and the company’s longer-term growth ambition is to reach above NOK 500 million in revenue by entailing circular product offering and services through the tech platform AION Loop.

www.aion.eco

[1] www.oecd.org/environment/plastic-pollution-is-growing-relentlessly-as-waste-management-and-recycling-fall-short.htm [2] https://newsweb.oslobors.no/message/564848