The International Maritime Organization (IMO) has called on businesses in the shipping and fisheries sectors to join the Marine Plastic Litter Global Industry Alliance (GIA).

Why does this matter? Plastic pollution is one of the gravest threats to marine environments, aquatic biodiversity, and the communities and industries that rely on the planet’s oceans. Despite this, plastic production, consumption, and pollution continue to rise, with the world consuming four times more plastic than it did in the 1990s.

The IMO’s appeal to the fishery and shipping sectors is crucial as these industries contribute significantly to marine pollution. For example, 640,000 tonnes of lost or discarded fishing gear – known as “ghost gear” – enter the ocean annually, accounting for around 10% of global marine plastic pollution.

Shipping, on the other hand, is responsible for large amounts of microplastic pollution, often via spills of plastic pellets.

Alongside the IMO’s proposed anti-plastic pollution alliance, several national governments have taken decisive action.

Barbados, a state that is disproportionately impacted by plastic pollution, launched a new National Action Plan in July aimed at reducing plastic pollution by 73% over the next decade.

Action was taken after the UN-endorsed Plastic Drawdown tool revealed that 500 tonnes of plastic had seeped into the Barbadian environment in one year, heavily polluting the island’s seas.

Five key policies form the basis of the National Action Plan. Among these, a ban on single-use plastic bags, a relaunch of the country’s plastic bottle return scheme, and improvements in the separation of recyclables.

Fiji also banned single-use plastic in 2021 as it fights its own battle against marine plastic pollution, of which just 28% originated from the Pacific Island.

Despite the emergence of meaningful action on a regional and industrial level, international plastic treaty progress has been frustratingly slow. In March 2022 at the UN Environment Assembly, 175 nations committed to formulating a legally binding treaty aimed at tackling the full life cycle of plastics.

The aim was to have a legally binding agreement focused on curbing plastic pollution agreed upon by 2024 or 2025. A draft has since been drawn up, but significant differences over the treaty’s scope remain.

Fossil fuel-producing nations argue that recycling and clean-up are the solution. However, the 127 members of the “High Ambition Coalition” propose more stringent production curbs and restrictions on their use in certain products.

While the global community struggles to mount a coordinated attack on marine plastic pollution, innovative companies, such as Novelplast, are developing solutions. Instead of a waste product, the company treats used plastic as a valuable resource by upcycling used PET and polyester feedstocks into recycled products.

With the plastic production industry expected to double in capacity by 2040, re-evaluating society’s perception of plastic from a single to multi-use material is key to reducing pollution levels.

Bureo is another firm championing a similar mindset by converting abandoned fishing nets into high-quality fabrics. The company has established collection initiatives in six countries, successfully recycling over 4.5 million kg of nets since 2013.

As plastic continues to pollute the planet’s oceans, the tireless work of innovative companies, industry groups, and regional governments hold the key to ensuring meaningful reductions to marine plastic pollution. The world’s oceans cannot wait for world leaders to reach an agreement.

12 April 2024, London. Ocean 14 Capital Fund 1 SCSp (or the “Ocean 14 Capital Fund”), a private equity impact investment fund focused on the United Nations’ Sustainable Development Goal 14 (SDG 14): Life Below Water, and Novelplast (or the “Company”), an Irish mechanical recycler announce today that they have signed an investment deal and have partnered to continue growing Novelplast’s business.

Founded in 2017, Novelplast has developed a unique manufacturing process using in-house expertise to upcycle post-industrial and post-consumer PET/polyester feedstocks into high quality rPET pellets, suitable for supply into the sheet, fibre and strapping industries.

The Company is leading the change in how those feedstock materials can be recycled and repurposed, serving its customers with a competitive recycled product.

“Over the last 5 years we have made huge progress in Novelplast, through expanding our product offering, increasing our sales annually and developing a sustainable company with the flexibility and expertise to continue growing into the future,” said Neil Skeffington, Founder and Chief Executive Officer.

“We are delighted to welcome Ocean 14 Capital Fund 1 as significant investors in Novelplast as we embark on the next phase of our growth journey. As an impact investor, the fund will bring a level of expertise in the sector as well as the capital required to help us achieve our goal of becoming one of the largest recyclers in the world, but more importantly to become one of the most responsible recyclers in the world,” added Skeffington.

“We are pleased to partner with Novelplast as a leading Irish PET recycler with unique manufacturing expertise in repurposing this polymer. Novelplast’s team under the leadership of Neil Skeffington have developed competitive recycled pellets suitable for multiple industries and applications,” said Francisco Saraiva Gomes, Founding Partner and Chief Investment Officer, Ocean 14 Capital.

“We are looking forward to support growth internationally and to enable increasingly efficient usage of resources through an extended life cycle. We believe this will incentivise further collection and recycling of plastic where it could otherwise end up in the environment, in turn fueling the company’s growth,” added Gomes.

Plastic waste is a key issue facing the planet with micro plastics now proven to cause damage to human health and ocean plastic pollution harming marine species and ecosystems. Production of plastics reached a staggering 400.3 million metric tons in 2022, with global plastic recycling rates well below 10%.

The Ocean 14 Capital Fund’s investment in Novelplast is particularly timely considering regulatory and consumer pressures within a global recycled plastics market valued at approximately $50 billion globally in 2022 and expected to growth at a compound annual rate of roughly 7% (from 2022) to 2030, of which PET is projected to reach nearly $24 billion by 2030.

About Ocean 14 Capital

Ocean 14 Capital Fund 1 SCSp (or the “Fund”) is an impact fund with €200 million of raised capital and focused on driving a sustainable and regenerative blue economy through an industrial approach. The Fund’s investment adviser, Ocean 14 Capital Ltd, has a team who combine more than 100+ years of investment, impact and industry experience. The investment adviser’s team and advisers are some of the world’s most renowned scientists and marine biologists, and have unparalleled access to proprietary deal flow and sector knowledge. www.ocean14capital.com

About Novelplast  

Founded in 2017, Novelplast is an Irish PET mechanical recycler that upcycles post-industrial and post-consumer PET post-industrial and post-consumer PET/polyester feedstocks into high quality RPET pellets, suitable for supply into the sheet, fibre and strapping industries. www.novelplast.ie