Environmental Sustainability

Environmental sustainability is a very important topic. In a report published in 2023, the Norwegian Environment Agency advised the consumers to decrease their consumption of red meat. Seaborn is determined to make a positive impact by offering a protein source that carries a lower climate footprint compared to red meat. Weknowthatthechoices wemakenotonlyaffect us, but the entire globe. Therefore, it is important for Seaborn to concretize our sustainability work, so that we can introduce effective measures that contribute to a more sustainable future. Seaborn supports all of the UN's sustainability goals, but to guide our environmental sustainability work, we have selected four targets that we will focus on.

Since we are an international sales company, our environmental impact is largely influenced by the suppliers we choose for fish farming, production, and transport. Hence, one of the most relevant sustainability targets for us is 12.6- Encourage companies, especially large and transnational companies, to adopt sustainable practices and to integrate sustainability. By working to influence our value chain, we can indirectly reduce greenhouse gas emissions, whichisa level 1 driver in our materiality assessment. We are striving to find greener and more sustainable transportation solutions. Test drives with electric trucks have been conducted and we choose to collaborate with carriers who share our vision and push towards the use of renewable energy sources.

Our approach to sustainability is grounded in a deeprespectforthenaturalresourcesthatsustain us. We believe that responsible sourcing and production practices not only benefit the environment but also strengthen our relationships with our customers and suppliers. As previously mentioned, over 70% of our fish farms and processors are certified either through GlobalG.A.P, ASC or Debio. These certifications demonstrate a working focus on minimizing the environmental impact of aquacultural farming. Even with such certifications, Seaborn wants to further influence our suppliers, either by setting requirements for their value chain or highlight aspects in their production. One example is soy productionusedinfishfeed,whichhasasignificant environmental impact. Almost all soy sold to Norway is certified, which guarantees that the soy is not genetically modified or contributes to deforestation and habitat destruction. In 2022, we analysed our fish farming suppliers to map the environmental impact of the type of feed used. This gave us a unique insight into which suppliers are linked to feed producers with a lower environmental impact and will make it easier for us to influence relevant suppliers. To ensure transparency in our value chain, we provide our customers with certificates showing details of which suppliers have provided, for example, vaccinesandfeed.Byinfluencingourvaluechainto focus on environmental sustainability, we are not only working towards target 12.6, but also contributing to target 12.2- By 2030, achieve the sustainable management and efficient use of natural resources. Achieving this goal also means that Seaborn must contribute to reducing the use of fossil fuels. This means that transport routes by road freight must be optimised to reduce distance, lower fuel consumption, utilize the transportation capacity, minimize time spent in congested areas and avoid high-traffic periods. We also aim to transition our transportation modes, which now rely on air transport, to incorporate more environmentally friendly options, such as utilizing sea transport. Maritime transportation offers several advantages, including lower carbon emissions per tonne-kilometre compared to air transportation. This transition involves a careful evaluation of our supply chain logistics in order to identify opportunities for integrating maritime transportation where feasible. We seek to increase the volume of frozen product and VAP sold. Frozen products are shipped by maritime means, which support our desired transportation transition. Transporting VAP allows for more efficient use of transportation resources as it offers the advantage of transporting a larger volume of edible product, compared to whole fish, within the same space.

Since we sell physical products that go out to consumers, we are therefore also responsible for how the product is used, especially with regards to packaging. That is why we also focus on target 12.5- By 2030, substantially reduce waste generation through prevention, reduction, recycling, and reuse. Seaborn is a proud user of “I’m Green” plastic for our packaging. This is a renewable bio-based plastic made of sugarcane. While growing, sugarcane removes CO2 from the atmosphere, and ifrecycling andreusingthe ecofriendly plastic material is a possibility, the carbon will remain captured. However, due to the need for an additional plastic coating, the packaging is no longer recyclable. Even so, the production of “I’m Green” plastic have a lower impact on the environment compared to standardoil-basedplastic,withoutcompromising the quality, and is therefore an important element in our sustainability strategy. Nevertheless, we will work to make our packaging fully recyclable, so that we are able to utilize the full potential of “I'm Green” plastics Havinghigh-qualitypackagingwhensellingedible products is essential to avoid unnecessary food waste. This reflects target 12.3- By 2030, halve per capita global food waste at the retail and consumer levels and reduce food losses along production and supply chains, including postharvest losses. This target is also met by our VAP suppliers,whofocus onreducingfoodwaste, and redirect by-products to companies such as Biomega, to use in the production of salmon oil and pet food. This is both environmentally and economically beneficial.