A man wearing a grey and black jeans and shirt standing in front of a painting
A man wearing a grey and black jeans and shirt standing in front of a painting

Eric Fischl and his painting Sign of the Times. Image courtesy of Maryam Eisler

Internationally acclaimed American painter, Eric Fischl is not only creating some of the most iconic and of-the-moment works of art, but he is also developing and nurturing a cultural community in Sag Harbor. Here, Fischl speaks to LUX’s Chief Contributing Editor, Maryam Eisler, about the importance of community and its effect on his own oeuvre

Maryam Eisler: The support that you have given your immediate cultural community (Sag Harbor) is notable. How and why did you and April (Gornik) decide to take such active roles in the town’s cultural initiatives? Was it a Covid decision or did the idea burgeon before?
Eric Fischl: It started prior to Covid. My wife April and I were working with a group of people to buy the cinema back in 2014. We went through some very difficult negotiations, and then there was a fire that destroyed the cinema, which made it even more urgent to buy the building because it had lost its landmark status. We had to raise 8 million dollars. The big money, believe it or not, came from successful visual artists, musicians, filmmakers … signalling to me that this was a place where the artists had a say: “We want to have an impact in determining the quality of life and culture in this town.” Then The Church (visual arts centre) became available, and so we purchased that as well. Again, it was about trying to develop a centre of creativity for the community.

ME: Are you now able to see, feel and measure the impact of these initiatives on your immediate community?
EF: Yes. At The Church, we’ve been very conscientious of doing exhibitions which have both an international representation but a very local one too. We’ve certainly found that the local artists are not only grateful to be included in the larger conversation, but they are also stepping up their game to prove it. As far as the town is concerned, attendance at The Church is increasing, and people feel comfortable being there. In the summer, we have a kids camp, and the energy fits the profile of what a community centre should be all about. We’re very excited about that. We’re also in the process of fighting (and probably losing) a battle with big money developers who want to take over and determine the next life of Sag Harbor, without actually having any feel for the place.

paintings in a warehouse

Threading The Needle exhibition at The Church. Image courtesy of Maryam Eisler

ME: What are your thoughts regarding the artists’ relationship with this town?
EF: This is the first time where I thought there’s a real chance where the artists can actually gentrify their own place; there’s a shared feeling that ‘this is the kind of life and the kind of community we want to be a part of and want to nourish’. Developers use artists to attract investors, prices are pushed out of range, and the artists have to then move out. In this case, my hope is, at the very least, to establish artist residency programs that retain artistic presence, whilst enabling creatives to take part of the town’s everyday life, bringing in fresh blood, energy and ideas.

ME: In your own practice, you seem to dig deep into the American psyche, sometimes with an added layer of nostalgia, but I now sense an additional connection with the current political climate.
EF: Well it’s funny because on the one hand, the paintings have become very narrow in their focus, and local. Right now, various scenes are derived from this Halloween parade that takes place here called the ‘Ragamuffin Parade’ which I’ve photographed for many years. I’ve put together these weird scenes of costumed people, and in some, you feel the advent of Covid; some protagonists are in costume, some in medical masks, ironically. One scene looks like they’re coming back from war, on crutches and canes, or they’re just tired or something…

a painting of children in pirate costumes with crutches walking on a road

The Parade Returns, 2022 by Eric Fischl

ME: You have said in the past that the point of painting is to try and find the hidden truth so are you trying to do exactly that, at this difficult moment in time and history?
EF: These difficulties have just been compounding, and for us, here in America, the madness of the Trump administration and the way that it divided the country into such irresolvable anger, is something that hasn’t left the scene, even since he was voted out of office – so, we Americans are dealing with a constant pressure.

ME: Is there a permanent sense of malaise?
EF: Yes. How do you and can you get back from where we are now? To which you add a pandemic, further isolating and terrifying us all. That fear and isolation combined with the political anger has just presented an extremely tough time for us all.

A white church

The Church, Sag Harbor. Image courtesy of Maryam Eisler

ME: How do you reconcile your mission regarding your community work with your own art practice?
EF: I have to say that in our vision of implementing The Church, I didn’t quite realise how much positivity and hope people attach to the notion of community, its nurturing side, its playful side, its creative side. I’m personally not entirely capable of doing that within my own work; my work deals with more existential conditions, of missed connections and unsatisfied desires.

paintings hung up on a wall

Studio wall. Image courtesy of Maryam Eisler

ME: And you’re still working through this? It seems to be a continuous process.
EF: Yes. I don’t know whether the goal in life is to work through it so that you are freed from it, or whether you just go deeper and deeper into it, because there’s a profound truth to the nature of life that lies within the process. How do you come to terms with it? I think I should write a piece for our local newspaper. At first, I was thinking about art as an expression of love, a desire to connect, a willingness to explore areas of our being that we don’t necessarily get to openly share… to try and work through stuff that way. That in itself is an act of love. Then you have a belief in your community, a belief in your society, a belief in being human. But it’s a complicated thing, because some people can actually handle a direct exchange of love. I can’t. I think most artists can’t. We have to triangulate.

splattered multi-coloured paint on a canvas

The studio floor. Image courtesy of Maryam Eisler

ME: You’ve often said that you speak to a painting and that it speaks back to you. Do you paint with an end game in mind or is it an ever- evolving dialogue, until you know it’s ready for the world?
EF: You keep talking to the painting till it begins to talk back to you, and if it doesn’t talk back to you, then you haven’t found the point of the painting, and so you should just destroy it. But when it does talk back, you have to start listening to it, and it then tells you how to finish it.

A painting of a girl in a pink dress and a dog upright in a studio

Painting in front is titled Old Dog, behind is Ragamuffin Parade, both by Eric Fischl. Image courtesy of Maryam Eisler

ME: Talk to me about the old dog and the girl in this painting.
EF: Well, I was riding my bicycle and I saw this old dog in the water. It seemed happy. I was transfixed by it. The painting is about a moment between the old dog and a young girl. You can’t quite tell what her age is as you see her from behind, dressed in a sort of fancy-ish outfit, not exactly a summertime thing, a just-got-out-for-a-walk kind of thing. They’re just talking to each other, and the space has become dynamic between them, so maybe on some simple level, the painting is about age and youth, who knows…

ME: I love the idea that photography plays a role in your painting, a starting point at least. I also find your embrace of technology in general fascinating when it comes to your art practice. Can you tell me more about that?
EF: Yes well, I certainly don’t consider myself a photographer. It’s just a tool. The reason photography works for me is because everything is in motion, everybody is slightly turning, slightly blinking, slightly opening their mouths, slightly shifting a shoulder… whatever it is, a photograph lives life instantaneously. And if you’re creating narratives, you need animation, a moment where something is begging to happen, and photography allows you to capture exactly that. It’s become a huge tool that I’m dependent on.

paintbrushes with blue paint on them

It’s a blue which is typical of his work. Image courtesy of Maryam Eisler

As for technology, it’s not that I go out and embrace technology; it sort of shows up and then there’s curiosity about it, and if I manage to connect it to my body of work in some way, I do. It took a while to get the feel of the hard surface of the iPad and drawing on it, but there came a point where it became a fun sketch tool. The same goes with the VR paintings I make with Tilt Brush. There’s this strangeness that is both curious and entertaining with this new technology that forces me to figure out a new language of painting “effects” that is not too dissimilar to my other work – just a little more exaggerated and strange.

A man looking at his pain tubes leaning over a table

Deep in thought…Image courtesy of Maryam Eisler

ME: I’m interested in space and place. Do you have a sense of dialogue with or responsibility towards the artistic legacy of this area? Do you feel that you are continuing a practice that is indigenous to this particular geography?
EF: Yes, I grew up on Long Island so there’s a familiarity. I’m definitely out here to experience the art, not to play around or eat ice cream! It turns out that there is quite a history of American art which is connected directly to this landscape- the abstract expressionists for example. A lot of it is directly connected to the quality of light, unique to this place. It has to do with the flatness and thinness of the land and having bodies of water on all sides, creating this kind of refraction, a full-spectrum light, different from most other places. But I don’t paint from life, so other than enjoying the light and being wowed by it, that is not why I’m here. That would be the safe answer. Let’s not forget that we are also only two hours away from the city. This is also where the money is, where our friends are … these would be the more honest reasons to cite for why I and most other artists are out here.

green grass in a field with trees

Sculptures greeting you as you approach Eric Fischl’s house/studio. Image courtesy of Maryam Eisler

ME: A much lesser poetic explanation than I would have hoped for, perhaps!
EF: Exactly. Everyone wants it to be because of some kind of inspiring thing, but you know, this is also the first time I’ve referenced this particular location in my work. In the past, I was painting as if I lived elsewhere. A lot of people in fact thought that I lived in California.

ME: As you approach your property, the first thing you see, is this sculptural grouping of human figures amidst the tall grass, as if spying on you, magical and awe – inspiring.
EF: Well, thank you for feeling that way. I make sculptures from time to time; they’re not a particular focus of mine. I enjoy doing them when I need a break from painting or other things. The reason I connect to the sculptural form is because it comes from a different part of my body and brain, and that’s of interest to me. There are memories and knowledge that your hands have stored that you cannot access from your eyes. It’s the touch itself that triggers feelings; memory that creates experience.

An orange statue below a set of stairs

Entrance of the studio with Eric Fischl’s sculpture. Image courtesy of Maryam Eisler

ME: So, is your own hand at play when it comes to sculptures, in the same way as it is with your paintings? It seems that your own physicality has presence in all your art forms- a rare practice these days.
EF: Yes. When I start any new work, I don’t know what I’m looking for so how can I possibly get other people to do it for me? There is also a great amount of pleasure and satisfaction in the act of making art, even when it is frustrating. The difference between painting and sculpture for me is that you mainly commit to whatever you’re sculpting way sooner in the process than you do with painting, because with sculpture you know that you’re making an armature, and so it gets hard to take that down or move it around. With a painting, on the other hand, you can paint over it, paint it out, or start all over again; so, you can spend more time in the discovery phase.

a man in a blue shirt sitting in front of a painting of a girl in a pink dress looking at a dog

Image courtesy of Maryam Eisler

The other aspect of my practice has been about trying to reassert the body back into painting and sculpture. If you take Rodin for example, he was someone that absolutely believed in the ability of the body to express itself, no matter how painful or how dramatic or how erotic and lustful an experience, and that this body was able to express all these feelings and states of mind. That began to go away with modernism. The next sculptor of great impact was Giacometti. His position was different from Rodin’s. With him, the body was no longer able to express itself, but be expressed upon. For him, the body was more or less frozen with the anxiety that is eating away at it. So, we went from being able to express pain, joy, eroticism and anxiety to not being able to express anything at all, rather opting to internalise it all whilst allowing it to destroy us.

A painting studio with paints and canvases

Studio interior. Image courtesy of Maryam Eisler

And then the body disappears for a while and when it reappears, it comes back as reproduction, body casting, silk screens, one step removed from the animation of the actual body itself. It becomes something that takes on a literal quality because when you’re casting somebody, you’re dealing with the specificity and limitations of individuals; height, weight and shape. The imaginative and distorting part of emotional expression disappears. Artists today prefer the representation of our bodies to be dolls and mannequins – both surrogate forms. As for me, I’m trying to find ways of keeping the physicality of the body in the forefront of our experience of our lives. In doing so, it becomes about truth, about who we are. We’re all in this container, trying to figure out the interface between our interior world and the exterior world, through this thing called skin.

As an artist, I strive to get comfortable with my need to answer these existential questions with my inability to resolve them. I see my role as an artist to witness and to record, creatively and imaginatively, the experience of life’s journey.

Eric Fischl’s exhibition ‘Towards the End of an Astonishing Beauty: An Elegy to Sag Harbor, and Thus America’ opens at Skarstedt, New York, on September 14 2022

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Reading time: 13 min
massage tables in a tipi tent
massage tables in a room overlooking the turquoise seaClinique La Prairie has established itself as a leading name in longevity research, offering wellness programmes for over ninety years. For its inaugural escape far away from its traditional Alps and Lake Geneva landscape, the brand has set base on North Island Resort in the Seychelles to create a complete Clinique La Prairie experience

Clinique La Prairie’s philosophy on anti-aging grounds itself on a holistic system, balancing the body and mind with a longevity method supported by four pillars: medical science, nutrition, well-being, and movement. Curated by experts flown in from Switzerland, the week-long detoxification programme at North island is composed of heavy metal screenings, regenerative wellness, and detox nutrition to purify the body. The island’s wildlife sanctuary provides the backdrop for the physical segment of the retreat, offering a range of activities from yoga and tree planting to bike riding and snorkelling.

a wooden bed room with white and blue colourings

The resort hosts 11 hand-crafted villas, all surrounded by the Indian Ocean. Nature is a huge part of Clinique La Prairie’s philosophy, with sustainability at its core. The brand accentuates that small steps taken by individuals are the building blocks of global impact.

blue lounge chairs on a deck

Clinique La Prairie’s Sonia Spring explains “sustainability for us is making sure that when people leave, they are making the right choices; whether that’s how to live, with regards to what they eat and also how they manage stress. This is related to sustainability because if you learn how to deal with stress, you can nurture yourself properly and make good choices such as having the right quantity of food, in the right way, looking more into local foods around you. By spreading these and in turn spreading these lessons that you have learned because its made a good impact in your life. Conveying these values to others, for us, also brings in the element of longevity.”

Follow LUX on Instagram: luxthemagazine

Internally, the brand aims to educate staff on more sustainable ways of operation, such as reducing waste, but also engraining more considerate decision-making in all areas.

yoga mats on a deck looking out to the sea

Read more: Luxury Travel Views: Brenner’s Park-Hotel & Spa, Baden-Baden

The collaboration between Clinique La Prairie and North Island is in itself an ode to nature, borne from the serendipitous meeting of both owners, whose shared vision of exquisite hospitality delivered in surroundings of natural beauty is woven into the core of the retreat.

massage tables in a tipi tent

The partnership sees a symbiotic marriage of science and nature, hosted on an island that is both exclusive and private while retaining a “barefoot luxury” approach.

Priced at €68,000 for single occupancy and €85,000 for double occupancy

Find out more:

cliniquelaprairie.com

north-island.com

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dark bar with black chairs and white flowers
dark bar with black chairs and white flowers

The lobby in the new Castiglione addition to the Hotel Costes in Paris

In the third part of our luxury travel views column from the Spring 2022 issue, LUX’s Editor-in-Chief Darius Sanai checks in at the Hotel Costes in Paris

My first encounter with the Hotel Costes was in the early 2000s, when I was meeting a Vogue photographer for a drink in the bar, on an evening a fashion house was also having a small gathering there. Despite being well turned out, and spending my working days at Vogue House, itself then a kind of office catwalk, I endured scrutiny by the beautiful boys on the door and by the beautiful girls inside before being let in, to a bar and lounge space, designed by Jacques Garcia, which gave the impression of sitting inside the bloodstream of a human being.

Jean-Louis Costes, the hotel’s owner, whom I interviewed in the last issue of LUX, is an iconoclast and an original. He created the velvet womb of the Costes and decorated its rooms with 19th-century oil paintings in the minimalist, contemporary-art obsessed 1990s.

A hallway and white marble staircase

A hallway and marble staircase

He has now opened a new wing to the hotel, or more precisely a new Hotel Costes adjoining the old one, making the second stroke of an L shape on the corner of Rue Saint-Honoré and Rue de Castiglione – without doubt the most desirable address in Paris. To check into the Costes, you now enter a grand, light, high-ceilinged lobby in the Rue de Castiglione.

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If you are staying in the old Costes, you can walk through the lobby and pull back a curtain, like passing through a looking glass, and voila. I, however, was sampling the new Costes: up on the second floor my suite was designed with the whimsical perfection of an obsessive and talented owner. A white carpet, like walking on a Persian cat, a bed with the black stained outline of a four-poster; a blood-red ottoman, a purple sofa and a lot of empty space. The bathroom had chandeliers and glass wardrobes: the message here is that your clothes had better be great, because they’re all on show. The walk-through shower and bath in light marble were immense: there is scale here that the original, boutique Costes, adjoining, never had. From the balcony you look out to Place Vendôme. From some of the suites, you have a view across Paris to Montmartre and Notre-Dame.

white bed

One of the new luxury suites

There will be a resort-style pool in the basement spa, currently being completed, and at the moment you still dine in the original and excellent courtyard restaurant of the original Costes. Another courtyard restaurant is being built at the Castiglione wing.

Read more: Paris Revisited: A Diary of Art and Culture

Every detail is both original and edgy: the Costes is the hotel that invented the hotel DJ and soundtrack, and bespoke hotel scent (both hard to believe now, as all the greatest and most pervasive inventions are). Twenty-seven years on, Jean-Louis hasn’t lost his touch.

Find out more: www.hotelcostes.com

This article appears in the Summer 2022 issue of LUX

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photograph that looks like painting with swirly silver object and squares
photograph that looks like painting with swirly silver object and squares

Lost at the Beach. Image courtesy of the artist

New York-based architect-turned-artist Erin O’Keefe plays tricks with our perceptions with her photographs that look like graphic paintings. The Deutsche Bank Lounge Artist for Frieze New York 2022 speaks to LUX about the transition from being an architecture professor to an artist, how the disciplines are interconnected, and her inspirations from the original Bauhaus art school in Weimar Germany. Interview by Darius Sanai

LUX: Was your dream when you were younger to be an architect or an artist?
Erin O’Keefe: I always wanted to be an artist. Although I guess what that actually means is an open question. Architecture provided a way of supporting myself that felt super interesting, and teaching meant I could explore theoretical issues that have turned out to be relevant to my art practice.

LUX: Were you always fascinated by the crossover between architecture and art?
EOK: Thinking about how architecture is represented in painting and photography has always been a source of fascination. I particularly love the wrongness of space in early Renaissance paintings – it actually feels pretty liberating. And I’m interested in the fact that most of what I know about architecture has come through images rather than visiting the actual buildings – that seems perverse, but it’s true. So you need to become a good translator to make a bridge between a picture of the thing and the thing itself, but I think it’s actually impossible to get the two things to align.

Follow LUX on Instagram: luxthemagazine

LUX: Are we right in seeing influences of the Bauhaus – the physical school itself and its teachers – in your career and your works?
EOK: Yes, absolutely – it’s a kind of touchstone for me, and the development of my practice. The sense of interconnectedness among the disciplines, and the primacy of making, were both things that feel relevant. I did the Albers colour exercises with my architecture students, which was really the beginning of thinking about the spatial impact of colour in my work.

photograph that looks like painting with pink black and silver elements

Fever. Image courtesy of the artist

LUX: How do you set out to create your works: what is the process of conception and execution? Are you looking for a particular effect on the perception of the viewer?
EOK: I am always looking for a condition of uncertainty in the images. Something that operates in multiple ways and is a bit destabilising for the viewer. I’m interested in the friction between the ordinary tactile objects and the unreality of the image.

My studio process is quite open-ended, lots of trial and error. Small shifts or alignments in the still life can transform the reading of the image, and that moment feels like magic to me.

Colour and light play a huge part in how the objects are perceived, and what they are capable of spatially. The objects themselves are made with the awareness of how they will operate in the photograph – although it’s always a very rough guess, and most of the time I discover possibilities that I couldn’t have anticipated.

blue and orange shapes in photograph

One Day Soon. Image courtesy of the artist

LUX: Please tell us a little about some of the works at Frieze NY.
EOK: The consistent focus of my work is the gap between the real condition and its representation in the photograph. For the work at Frieze, I became interested in perspective correction – meaning I can paint shapes on the ground and back wall of my still-life set-up that appear very differently in the image – a trompe-l’oeil situation in reverse. I’m also using paint in these photographs as a kind of camouflage to confuse or amplify a spatial condition.

LUX: What kind of a visual artist do you describe yourself as?
EOK: At this point, a photographer, as a way of underlining what these images are. People often mistake them for paintings, but the fact that they are photographs that utilise the language of painting feels like an important distinction.

Read more: Uplifting New Paintings by Sassan Behnam- Bakhtiar 

LUX: Do you still teach and if not, will you ever teach again?
EOK: I really loved teaching, but I’m glad to have the time and attention to devote to my practice. I do miss the studio interaction – architectural education is pretty unique. I have no plans to teach in the future, but who knows?

Find out more: erinokeefe.com

This article appears in the Summer 2022 issue of LUX

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Reading time: 3 min
bentley car driving amid mountains
bentley car driving amid mountains

The new Bentley Bentayga Hybrid is a lighter-feel luxury SUV that’s a wonderful mix of refinement and muscle

In the third part of our supercar review series, LUX gets behind the wheel of the Bentley Bentayga Hybrid

If you need an example of how the attributes of heritage luxury car brands have to change in the new world of sustainability and electrification, look no further than Bentley. This is a company that has been making cars that are primarily distinguished by their immensely powerful and vocal petrol engines for more than 100 years. Taking the petrol engines out of Bentleys would be like taking the leather out of a Chesterfield.

This latest model we drove is not electrically powered, but it’s a halfway point. The company’s luxury SUV is typically distinguished by its massive 12-cylinder engine (although there are models available with a V8). Here we have a hybrid version, with a six-cylinder petrol engine accompanied by an electric motor.

Follow LUX on Instagram: luxthemagazine

Does it work? That depends: if you’re listening for that V12 ‘whoof’, and expecting the distinctive power characteristics – speed and responsiveness to increase in tandem – you may be disappointed at first. In fact, the sound is the most notable characteristic of this car, as going from a Bentley V12 to this is rather like going from wild to farmed beluga. Still good, but not what you’re used to. But, given that in a few short years no engine will make any sound at all apart from a faint hum, this is really a moot point.

Bentley beige car interior

One other characteristic a traditionalist will welcome is the lighter feel: there is less engine in the nose of the car. It feels quite alive around corners on country lanes on the way to one’s architect-redesigned Oxfordshire manor house.

Black car dashboard

That is the kind of lifestyle this car is aimed at and it does an excellent job. The interior feels like sitting in a well-appointed bank vault with windows onto which the outside world is projected. Unlike some very powerful SUVs, it doesn’t feel like it wants to race every car from the traffic lights. It’s not exactly serene – it’s a Bentley after all – but it’s a wonderful mix of refinement and muscle. If you’re an enthusiastic driver, you won’t complain about the relatively agile handling, excellent roadholding and responsiveness at speed. You may wish for a little more feedback and involvement, though, as this car is set up more at the luxury end of things.

Read more: Why You Should Get Your New Car Ceramic Coated

Your passengers will enjoy the crafted feel of the interior, which really does feel a cut above almost any rival. It may not feel as passionate as the SUV offerings from Lamborghini or the Mercedes G 63, but it aims to do a slightly different job, rather more grown-up. It is also a car you could get in to drive from the Cotswolds to ski in St Moritz in one day, and arrive refreshed and ready for the slopes. And the fuel savings from the new electric-petrol engine will pay for a couple of drinks at Pavarotti’s.

LUX rating: 17.5/20

Find out more: bentleymotors.com

This article appears in the Summer 2022 issue of LUX

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two men on boat
two men on boat

Jean-Michel Cousteau and his father, Jacques, onboard their wind ship, Alcyone. © Jean-Michel Cousteau Private Collection

Darius Sanai speaks to Jean-Michel Cousteau, the French ocean explorer, film maker, educationalist, philanthropist and founder of the Ocean Futures Society, about how he is connecting with people globally to make a difference; and about his celebrated father, Jacques Cousteau

LUX: What are the objectives of the Ocean Futures Society?
Jean-Michel Cousteau: I set up the Ocean Futures Society to honour my father after he passed away. His philosophy – now our philosophy – was that if you protect the ocean, you protect yourself. We are a not-for-profit company, but if we have the resources to do it, we will get specialists from all over the world to go and do everything to preserve and protect the ocean.

Follow LUX on Instagram: luxthemagazine

LUX: What are the greatest challenges that the oceans face today?
JMC: Acidification, and the impact that it has on every species. CO2 emissions are contributing to rising temperatures and ocean levels, and it is affecting nature’s ability to protect itself. Controlling our acidification depends directly on the consumption of oil and gas, which we are now recognising as a mistake and working to stabilise. We have an opportunity to ensure that we are using and creating other energies to replace those things.

man scuba diving

Cousteau dives with a hammerhead shark in the Caribbean Sea. © Richard Murphy, Ocean Futures Society

LUX: How are biodiversity and climate resilience linked?
JMC: When I was diving in the Maldives, I was surprised to see the number of dead corals. Corals are a very important part of the protection of the coastline, because they help to feed and protect thousands of species around the Maldives.

The diversity of our species on land and in the ocean contributes to the stability of the entire system on the planet. Every species, plant and animal, is capital. Every time we lose that capital the system gets weaker, because other species are dependent on that particular species for survival, for food, for protection. It is our responsibility to ensure they don’t disappear. We now need to take advantage of our capacity to learn new technology, which can be used to help every one of us.

man with children in jungle

Jean-Michel Cousteau with Amazonian children at the Pilpintuwasi Butterfly Farm and Amazon Orphanage in Iquitos. © Nan Marr, Ocean Futures Society

LUX: What innovations are you seeing?
JMC: There are people analysing the difference in temperature between the shallow ocean and the deep ocean, and using that difference to create energy. I used to be worried about the currents these technologies were producing, but not anymore. Water is not compressible, and the propeller only rotates three times per minute, so the fish can go right through it.

LUX: How is your work with luxury resorts driving ocean conservation?
JMC: The Maldives is a treasure to me. The Ritz- Carlton Maldives is working with my Ocean Futures Society, and we want to make sure that this structure and space and knowledge is being preserved. We have to do everything we can to protect the coastlines, and that means stopping whatever goes into the ocean. We often talk about plastics, but that problem has been mostly addressed in the Maldives. What I am most concerned about are the chemicals and heavy metals, which we never talk about. When you take an aspirin for your headache, that chemical goes right into the ocean. What does that do to the environment? If we protect what’s around the Maldives, we will protect the people who are on the Maldives.

black and white picture of children diving

Jean-Michel Cousteau with his mother, Simone Melchior Cousteau, in 1945; a family dive; Cousteau’s father, Jacques, helps him strap on a tank. © Carrie Vonderhaar, Ocean Futures Society. Courtesy of the Jean-Michel Cousteau private collection

LUX: How important is a just transition?
JMC: We need to stop consuming nature like we have been doing. We need to convince the president of Brazil to stop destroying all these beautiful forests, which are critical for our environment. We never talk about the thousands of local people who live in those rainforests, and who have no identity or land ownership. Stopping deforestation is not only in the interest of those people in the Amazon, but it’s in the interest of every one of us, because every species out there depends on those rainforests.

black and white image of family and woman with dog

A family portrait, including Jean-Michel, second from left; Simone on the family’s research vessel, Calypso. © Carrie Vonderhaar, Ocean Futures Society. Courtesy of the Jean-Michel Cousteau private collection

In order to slowly stop industries like this, people involved in that kind of production are going to have to learn to switch from what they were doing to what they can do next. There are a lot of people willing to do that, and it is fascinating to see all this progress taking place today.

LUX: How do we bridge the gap between research and policy creation?
JMC: There are many things we are learning that we didn’t know 20 years ago, and we need to pass on the message to decision makers and young people. When I started the society, I was doing 10 or 20 lectures a year all round the world, but now that is not enough. I decided that I needed to sit down with the decision makers. It is critical – as long as you don’t criticise. I want to sit down with these people and try to help them ensure that our children have the same privileges that we have had.

LUX: Which policies should we prioritise?
JMC: To manage the ocean properly, we need to sit down with leaders in the fishing industry. Cargo ships consume a lot of oil, which ends up in the ocean, evaporates, and creates the CO2 that drives ocean acidification. There are many solutions to the problems we have created. We need to have more protected marine areas, in order to preserve wild populations and biodiversity. In 2006 we convinced President Bush to protect 1,200 miles of a north-western Hawaiian Island [Papahanaumokuakea Marine National Monument], President Obama then agreed to multiply this by four. It is now the largest marine-protected area on the planet. This is not just about the survival of life, but also for us to discover and do better. There are thousands of species in the ocean that we don’t know about. How can we protect them if we don’t know they are there?

eight people carrying olympic flag

Cousteau became the first person to represent the environment in an opening ceremony of the Olympic Games, 2002. © Carrie Vonderhaar, Ocean Futures Society. Courtesy of the Jean-Michel Cousteau private collection

LUX: Is it the responsibility of individuals, corporations or governments to take the lead in protecting oceans?
JMC: I never point a finger. It is everybody’s responsibility: to ensure the preservation of these places, we need to have movement on a global level.

We need to approach each group differently, however. Young people are amazing. They are the ones, today, saying that we need to be careful. We want to educate young people by showing them that it is in their best interest to preserve every species on land and in the ocean.

Business people are there to make money, but if we eliminate species, there will be no money coming in. We warn them about the importance of making sure that capital is not destroyed, to think about their children and grandchildren. We have to build the bridge between what we are doing now and our responsibility for the future. Likewise, if you want politicians to build a bridge for future generations, then you have to tell them what they can do with their responsibility – whether it is in their own country, or in partnership with other countries, to make a difference. I’ve done it with the presidents of the United States, Mexico, Brazil and France. “e public will often want to keep them and that’s what it is all about.

people in uniform posing for camera

Working with the Ritz-Carlton on his Ocean Futures Society. © Nan Marr, Ocean Futures Society

LUX: How do you educate people without being didactic?
JMC: For me, it’s about just sitting down with someone, whether it is a truck driver or a pilot, having a conversation, and helping them make better decisions. Reach for the heart instead. Because we didn’t know the damage we were doing then, but we have learnt along the way, and we need to do better than what we have done up to now.

Education is number one, but it can be fun and entertaining. Film is great because our primary sense is vision, and it enables you to connect with thousands of people in an instant. I produce films to get people to sit down for 20 minutes and hear stories and understand how everything is connected; then, if they want to, they can show the film in schools or online. (See bottom of the page for a selection of some of the groundbreaking and definitive films Cousteau has produced, directed and been involved with over the past five decades.)

man on beach with plastic

Cousteau on Laysan Island, where debris litters the shoreline. © Carrie Vonderhaar, Ocean Futures Society. Courtesy of the Jean-Michel Cousteau private collection

LUX: How has your relationship with film evolved since you began?
JMC: The beauty of what’s happening today is that we have nearly 8 billion people on Earth, who are all connected with each other if they want to be. We have a communication system now that didn’t exist when I was a child, so we have no excuse to get away. We need to show, show, show.

LUX: Are you optimistic about the future of ocean conservation?
JMC: I’m totally convinced we can do it. The human species has the capability to do it. Let’s not forget that we are the only species that has the privilege to decide not to disappear. That’s our choice. I will do everything I can for the rest of my life to make sure that the next generation’s children have the same privileges that I had when I was their age.

Read More: Bridgewater Capital Founder Ray Dalio on Ocean Philanthropy 

I am the world’s most enduring scuba diver – I am celebrating 75 years [this year]. But I want to celebrate 100 years, so I have to continue diving for another 25 years.

Jean-Michel Cousteau’s filmography highlights

The Undersea World of Jacques Cousteau (1968) Jean-Michel Cousteau was associate producer on this seminal television documentary series of which his father was the host

Cousteau: Alaska – Outrage at Valdez (1989) Frank Zappa was commissioned by Jacques Cousteau to write the music for this documentary on the environmental disaster by a leaking oil tanker, directed by Jean-Michel

Stories of the Sea (1996) Jean-Michel Cousteau starred in this docu-series on humans’ involvement, past and present, in the sea

Exploring the Reef with Jean-Michel Cousteau (2003) This animated short documentary film starred Jean-Michel Cousteau and featured the main characters from Finding Nemo

Coral Reef Adventure (2003) Cousteau contributed to this Greg MacGillivray-directed documentary on endangered coral reefs

Deadly Sounds in the Silent World (2003) Alongside Pierce Brosnan, Cousteau starred
in this underwater documentary

Jean-Michel Cousteau: Ocean Adventures (2006—2009) About 30 years after his father revealed the mysteries of the ocean to the world, Jean-Michel Cousteau and his team of oceanauts continued to explore global waters

Wonders of the Sea 3D (2017) With Arnold Schwarzenegger as the narrator, this docu-film follows Cousteau – who was also co-director – and his children as they learn about the threats the ocean faces

Find out more: oceanfutures.org

This article appears in the Deutsche Bank Supplement of the Summer 2022 issue of LUX

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An old man standing in front of a pink wall with framed photographs on the walls
An old man standing in front of a pink wall with framed photographs on the walls

Sunil Gupta standing amongst his works from Arrival series, 2022

Photographer, writer, curator and activist Sunil Gupta has explored issues of racism, sexuality, migration and inequality in his art. Here, LUX explores our favourite bodies of work by Gupta and the call to action that each series projects

Gupta’s series Delhi: Tales of a City is a play on the old and the new. Gupta has explored and photographed historical sites in Delhi, primarily constructed between the years 1638 and 1739. During these years, the city was rebuilt by the Mughal Emperor Shah Jahan. He  imposed his power and influence over the state to control cultural life and the urban economy.

A palace with a palm trees and grass in front of it

Sunil Gupta, Delhi: Tales of a City: Humayun’s Tomb, 2003/2022

Centuries later, Gupta saw these historical sites, such as the Red Fort and Humayun’s Tomb, and noticed the range of age, religion, caste and sexual orientation of the people visiting these historic sites.

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He realised that, in turn,  people were unknowingly overthrowing the repressive heritage of these monuments and even more he could use them as a decorative backdrop to project their individuality.

A man and woman sitting on a bench looking at a palace

Sunil Gupta, Delhi: Tales of a City. Red Fort – 3, 2003/2022

Christopher Street is possibly Gupta’s most important body of work. The idea of this series first came to Gupta when he moved to New York City in 1976. The aim of these photographs was not only a way for Gupta to focus on his passion for the freedom of expression but also to shed light on the momentous event in the LGBTQ+ community, known as The Stonewall Riots. This was a series of spontaneous protests by members of the LGBTQ+ community against a police raid that occurred on 28th June 1969 at the Stonewall Inn on Christopher Street in Greenwich Village.

a black and white photo of a man and women walking in the street in New York

Sunil Gupta, Untitled #42, Christopher Street Series 1976/2022

These demonstrations led to a fundamental switch in the gay liberation movement which led to an increase of openness and unparalleled acceptance within and towards the gay community in New York. These photographs display a community that shaped Gupta as a person and concreted his personal ambition to portray people who have been denied a space to be themselves.

Two men walking onto a pavement

Sunil Gupta, Untitled #43, Christopher Street Series 1976/2022

Arrival, is a body of work Gupta created in collaboration with his partner Charan Singh.

Read more:Durjoy Bangladesh Foundation: Layers of Meaning

In this series Gupta and Singh use elements of Victorian portraits that were known to project Victorian conventions and norms of behavioural identities.

A woman in a neon yellow dress standing in front of a red tapestry with pink and blue flowers on it

Sunil Gupta and Charan Singh, Arrival series, 2022

However, Gupta and Singh change the narrative by creating an anti-colonial legacy through compassionate, poetic gestures to convey their sitters’ range of emotions, who are always anticipating when the process of their arrival will become complete.

A man in tights and a dress standing in front of a purple wall

Sunil Gupta and Charan Singh, Arrival series, 2022

The project also serves as a reminder that homophobia is an anti-humanist cultural affliction, that negatively effects nations beyond the Commonwealth.

‘Sunil Gupta: Cruising’ is on show at Vadehra Art Gallery in New Delhi Until Friday 16th September 2022

Find out more: vadehra.com/exhibitions

This article was published in association with the Durjoy Bangladesh Foundation

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A man standing on a fishing boat holding a fishing net
A man standing on a fishing boat holding a fishing net

Traditional net fishing from a boat

80% of the earth’s biomass is concentrated in the oceans. But how do we put a value on the deep sea? As the concept of natural capital — putting a price tag on the services nature provides — enters the mainstream, ocean expert and activist Karen Sack tells LUX Editor-in-Chief, Darius Sanai, why valuing nature needs to encompass more than just the dollar sign

Sack has over three decades’ experience in ocean conservation, law and policy, and currently serves as Chief Executive of Ocean Unite (co-founded with Richard Branson and José María Figueres) and Executive Director of the Ocean Risk and Resilience Action Alliance (ORRAA). Here, she explains why the time has come to incorporate ocean measurements into sustainability metrics, and how nature-based solutions should be at the forefront of any ocean investment strategy

Follow LUX on Instagram: luxthemagazine

LUX: The concept of natural capital — of nature having value in and of itself — has historically been ignored. Why is it important?
Karen Sack: I do think it’s important, but we need to be careful not to reduce nature’s value to just a monetary value. The reason we have to put a value on nature is so that we can understand and incorporate it into the economic system that we all exist within. While, for me, this in some ways runs contrary to what we want to do – we want to just value nature in and of itself — we still need to incorporate nature into our valuation system. If we don’t, we will very quickly have to pay the consequences. We already are seeing this in terms of what is happening with the climate crisis.

Purple and brown corals in turquoise water

Fan Corals in Belize Barrier Reef

LUX: Can investment in ocean conservation be furthered by investment in the private sector?
KS: We need to blend together different types of finance to focus on the ocean’s protection. One of the issues that has arisen recently is how we account for the costs of marine protection. We’re focusing a lot on the question of what it costs in terms of potential revenue in terms of fisheries and other lost revenues. Yet we don’t apply that same standard when we think about providing a fishing company with a licence to fish; we don’t price those costs into that fishing licence. The private sector has been very involved in the extractive activities that take place in the ocean, and in some ways have been subsidised quite substantially by the public sector, so that those activities can continue.

The role of philanthropy in the ocean space is oftentimes to kickstart some of these discussions, to act as a springboard for investment from other areas. And oftentimes that’s what we need to paint the picture, so we understand the benefits of investment from the private and public sector.

Sri Lankan fisherman throwing a fishing net in the sea

Sri Lankan fisherman throwing a fishing net near Mirissa

LUX: When people speak of the blue economy, there might be an assumption that it is inherently sustainable. But the term can also encapsulate bottom-trawling and oil extraction.
KS: It has to be further defined. The Stockholm Resilience Centre has coined an interesting term: it talks about the development of the blue economy as a ‘blue acceleration’. If you look at different sectors of the economy that are investing in this space, you can see how lopsided and inequitable some of that development is. For example, small island developing states have protected something like 13% of all marine protected areas, which are in small island developing states. We call them ‘big ocean states’, because they have these amazing ocean real estate areas. That’s huge, yet the investment from other sectors of the economy, for example aquaculture, has been located within those small island development states.

Renewable energy is another example of where there has been a 500-fold increase in investment in offshore renewables over the past 20 years. Not one of those wind shore turbines have been located in a small island developing state. That is just so indicative of the lop-sidedness, because those countries require diesel fuel to be imported and yet are the most vulnerable to climate change.

A whale's head and tale sticking up in the ocean

A Humpback Whale

LUX: Does there need to be consolidation of a single set of rules and definitions for companies, investors and governments to follow?
KS: There needs to be a standardised accounting methodology that’s used, so that when you’re looking to invest in a space, you understand that that standardisation has happened. Otherwise, the opportunity for greenwash or bluewash is very high, and something that we have to guard against. It’s just too easy right now to argue that your investment is sustainable without those standardisations being in place to show that it truly is.

LUX: How does one measure the effect of either one’s donation or investment in sustainable terms?
KS: Right now, it’s very difficult to say there is any kind of comparability between, for example, one scheme that invests in seagrass to capture carbon and promote biodiversity, via another one in coral reefs. It’s what people are most interested in investing into at the moment. We understand the difference between the level of impact from a storm surge that a healthy coral reef can deflect versus a mangrove. But comparing ecosystems with one another is really difficult: it would be the same as comparing the carbon sequestration potential of the Savannah to a cornfield in Montana.

A man holding fish in a net by a lake

A fisherman holding a shoal of big Common Silver Barb

LUX: What needs to happen in terms of legislation and the way large institutional investors behave?
KS: We need to incorporate ocean measurements into some of the tools the financial world now uses when they measure their sustainability metrics. We don’t want to have some completely separate ocean-based metrics. For initiatives like the Taskforce on Nature-related Financial Disclosures (TFNFD), we need to incorporate the ocean into that. We need to look at some of the taxonomies that are being created for example by the European Union, and ensure that it is not completely different from whatever is created in the US or in other countries around the world, or in China. And then a focus on innovation, and the types of KPIs that need to be developed. So this is all beginning to happen, it’s a very fast moving space, but right now it requires certainly scientific advice and a lot of listening.

LUX: Will blue economy investment always be a kind of blended opportunity, or is it something that is seen as a P&L play?
KS: With the Ocean Risk and Resilience Action Alliance, one of the initiatives that we are working on is the development of what we are calling a Sea Change Impact Financing Facility (SCIFF). When, a couple of years ago, we started doing some work on financing, we asked some partners to look at what was needed to increase investment. We found that we needed a whole new ocean finance ecosystem. Spaces that are particularly important include the coastal ecosystems, the seagrass beds, the coral reefs: places that are helping to both be nurseries for biological diversity, sequestering carbon and providing food security for coastal communities. So if you don’t have that surrounding ecosystem, that is literally money down the drain. That will probably require blended finance, and looking at things such as the development of blue carbon credits. Then we need to look at how to drive the big investments into the space, and ask what type of equity capital we need to drive big investments. I mentioned offshore renewables, an amazing opportunity for investment that is still seen as quite risky.

mangroves in water

A mangrove tree in clear tropical waters near Staniel Cay, Exuma, Bahamas

Thinking about greening shipping, it is a huge emitter of CO2 but 80% of our trade in the world travels by ship. So how do we transform our ports and harbours, so they both have the infrastructure for green shipping? The third piece is what we call the ‘risk wrappers’. These are the public sector guarantees that can lower the risk of some of those opportunities for investment and drive public sector capital into the space. But if we’re looking at developing countries, and small island developing states, that’s not where the private sector is going. So how do we drive investment into some of those projects, and reduce transaction costs? Those are some of the issues we need to tackle as we move this new ocean financial ecosystem forwards.

LUX: Should nature-based solutions be the most important focus of investment currently, or one of many?
KS: From my perspective, nature-based solutions should be at the core of an investment strategy when it comes to the ocean. We’ve got 80% of the biomass, 80% of life on earth is held within the ocean. It doesn’t cost a lot, but the returns are incredible. We should be supporting, particularly for small-island developing states, and developing countries, investments into nature again for the reasons of resilience, food security, biodiversity positive outcomes, and also carbon sequestration. The more life we have, the stronger the carbon carrying capacity is. We also know that these are tested, as nature has been adapting for millennia. We need to learn from nature, and this is where we are seeing the results of that investment into nature being so significant.

Women with traditional hats working in the sea catching fish

Local women working in a fishing village

LUX: Do you see abating ocean industries as all part of the same investment parcel? Is it better for an institution to invest $500 million in a scheme that makes ships more hydrodynamic, or to invest in mangrove planting?
KS: The thing that is impacting the ocean the most right now is our CO2 emissions. So, any kind of investment that gets us to net zero as quickly as possible is helping the ocean. That is key. We must then look at the risk multipliers, for example pollution, whether it’s wastewater or nutrient runoff. These are not sexy things to invest in, but a sewage treatment plant can make the difference between a coral reef that survives and one that does not.

Read more: Melissa Garvey On Saving The Oceans

Bottom trawling is a fundamentally destructive fishing practice. Investments into things like bottom-trawling should just not happen. Offshore oil and gas is another one. So: stopping some investments to begin with. Next, investing in getting to net zero as quickly as possible. Third would then be looking at investments, particularly in coastal areas that are biodiversity positive in terms of their net result, so that we can rebuild those ecosystems.

It’s interesting to look at some of the work that’s now being done on technological solutions to address the climate crisis. We know, for example, that in a marine protected area that’s fully protected, the increase in biomass over 10 years can be 400% or even higher than that. I can’t think of a bank where I would put an investment in and get a 400% return on that investment, but nature gives us that. So, looking at those kinds of investments is really impossible. And that goes back to the question of valuing nature and understanding that that value isn’t just in the dollar value.

Karen Sack is Chief Executive of Ocean Unite and Executive Director of Ocean Risk and Resilience Action Alliance (ORRAA)

Find out more:

oceanriskalliance.org

oceanunite.org

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the entrance of a hotel with arched windows and doors and plants
the entrance of a hotel with arched windows and doors and plants

Exterior view of the new Maybourne, Beverly Hills

In the second part of our luxury travel views column from the Spring 2022 issue, LUX’s Editor-in-Chief Darius Sanai checks in at The Maybourne, Beverly Hills

The most curious thing about the Maybourne Beverly Hills is its tranquillity. Here you are at the new US flagship of London’s swankiest hotel group (Claridge’s, The Connaught, The Berkeley), in LA, metres from Rodeo Drive, and yet the overarching feeling is one of peace. How does that happen?

Follow LUX on Instagram: luxthemagazine

The first impression of a curious quietude was from the hotel’s rooftop pool terrace. In cities, these are often rambunctious things, squeezed in, next to a spa and a restaurant, a few sun loungers and a square of blue with a highway of guests and staff running through. Not so here: rows of loungers, immaculate staff waiting to serve, a big, blue pool, and a view across rooftops to the Hollywood Hills. You could come here for a week and not feel agitated by noise. Sure, there’s a terrace restaurant but the vibe is more Ibiza chill than urban thrill.

a bar with stools

The Maybourne pool

Our suite was all pastel shades and 20th-century modern furniture, rethought for the 21st century. A kind of Hollywood-meets-resort feel, with some gorgeous photography and art. Maybourne’s owners are significant movers in the art scene, and you can tell: even the lift lobby on our floor featured an Idris Khan edition.

Downstairs, the Terrace restaurant seemed to be a breakfast, lunch and dinner hangout for the Beverly Hills crowd and the Beverly Hills chihuahua (along with a nice variety of other breeds). Opening out onto a public garden, it was also very quiet: no fumes, no traffic noise, no honking horns. All the more interesting because the hotel was originally built in the grand style of iconic US palace hotels (think Boca Raton resort): but here, the style is everywhere, and the noise nowhere.

swimming pool

The hotel’s rooftop pool

The food was also consistently brilliant: sunny and fresh, like pan-roasted dayboat scallops with girolles and sunchokes, and an absolutely vivid, meaty whole grilled branzino with Napa cabbage and basil. The Terrace is a people-watching place, and if you want to watch people more closely, and with a slightly different lens, just move to the Maybourne Bar or the Cigar and Whiskey Bar. What’s the difference between the two? Same as the difference between the Blue Bar at the Berkeley and the Fumoir at Claridge’s (with additional cigars in the case of the Cigar and Whiskey Bar).

Read more: Luxury Travel Views: Mandarin Oriental Ritz, Madrid

It was a bit of a mystery to me how Maybourne expected to create a global brand, given that its London hotels are so distinctive, unified by a crossover in clientele and a certain appeal to the fashion crowd through their louche artiness in their public spaces. Here they are in LA, and they have done just that. Quite an achievement.

Find out more: maybournebeverlyhills.com

This article appears in the Summer 2022 issue of LUX

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trees in a swamp
trees in a swamp

Mangroves protect coastlines from erosion and flooding, sequester carbon and provide a home to species not found elsewhere

If human beings are going to create a sustainable economic system, we must recognise the true value of living ecosystems and the services that they provide to society, and price this into our financial decisions. In the long term, the benefits will far outweigh the costs, says Markus Müller
A man in a black suit and white shirt wearing glasses

Markus Müller

Our enthusiasm for economic development has detached us from nature. With our focus on the production of goods, we have forgotten that there literally is a natural limit to our endeavours. If we value nature purely in terms of the raw materials it provides, we fail to appreciate the many ‘ecosystem services’ that living creatures and plants provide to society, and research suggests the markets would price these at about $140 trillion.

The world is fast-approaching a point where its natural capital is so depleted that it can no longer provide us with these services. As a species, we are acting rather like a company owner who operates their machinery 24/7 without maintenance, then acts surprised that their production line is no longer able to deliver the goods. The difference with nature is that there is no option of buying a new machine.

Humans, economy and society are embedded in the environment. This applies to food, but also to areas such as medicine. We know, for example, that many of the organisms living in the sea have contributed to the development of cancer treatments and other crucial drugs. It is reasonable to suppose that similar discoveries are waiting to be made in the world’s most biodiverse habitats such as rainforests and coral reefs, and if we kill our planet’s biodiversity then we will undoubtedly kill many such opportunities.

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What does this mean for us in our daily lives, for companies, and also for the economic and financial markets? If we look at the numbers alone the issue of sustainability may appear to already be centre stage. Around the world we see growing regulation, not only in creating transparency but also guiding money flow. Now accounting for more than 36 per cent of funds under management globally, environmental, social and governance (ESG) investments have established themselves as mainstream.

However, while the ESG concept divides up current business activities into three specific categories, making the transition to truly sustainable business practices requires more than just an appreciation of financial risk and return. The ultimate objective must be to promote the health of planet Earth for the benefit of generations to come. As Gro Bruntland, the former Norwegian prime minister, said in 1987: humanity has the ability to make development sustainable to ensure that it meets the needs of the present without compromising the ability of future generations to meet their own needs.

a bee sitting on a pink flower

When discussing the economic opportunities around biodiversity, I always provide a caveat. What we are dealing with is a global common good. We can’t deal with it in the same way as a private good, which is a product we can manufacture. In terms of business opportunities, we need to be careful when we speak of a global common good – like biodiversity, clean air or even the ocean – as there is a risk of doing business as usual, and exploiting these fundamentals of our wellbeing.

The good news is that with the right governance, we can move quickly from over- exploitation to repair and rejuvenation. Take mangroves, for example: they are difficult to plant, but can be reinvigorated easily. And when they are healthy they act as an effective natural carbon sink, as well as lifting the ground level by collecting and storing soil. They represent a cost-effective ‘nature-based solution’ to both climate change and rising sea levels – and, therefore, a potential business opportunity.

Simultaneously, broader economics must be considered. ESG-based investments are increasingly being incorporated into governmental social and economic policies, and should boost economic growth by encouraging more responsible management of the world’s natural resources. The concept of natural capital – valuing living things like other assets, in order to conserve them – is gaining ground with economists, and when industrial leaders begin to realise its significance then it will completely change the way they do business.

green leaves with a ribbed pattern

As the awareness of biodiversity loss grows, it should become an increasingly important part of corporate strategy and political policy, drawing more attention to shortcomings in existing evaluation approaches while also prompting solutions. Biodiversity loss gives rise to risks (physical, transition, and liability) for companies in myriad ways. Any decision, be it in investment or finance, therefore needs to encompass the entire product life-cycle and examine the whole supply chain.

Read More: Gaggenau: The Calming Influence of Biophilic Design

The framework we use to evaluate biodiversity preservation is likely to evolve, which will have direct implications not only for investors but also for policymakers and economists. Also, the question of property rights will need to be considered in the context of local political and cultural priorities – a tension that may be difficult to resolve. Solving the geopolitical dimension is likely to be even more difficult, as this will require the financially strong First World to demonstrate the will to obtain goods from sustainable production. All this will come at a cost, but it’s most definitely a cost worth paying to ‘protect our portfolio’. The concept of natural capital could herald the beginning of a big story – one of an innovative and equitable economic model – that is worthy of the 21st century. To reiterate my opening message: if all things were similar then there would be no development. The outcome, instead, would be destruction. Let’s embrace this challenge and adapt to a new future, embedded in nature.

Markus Müller is Global Head of the Chief Investment Office at Deutsche Bank’s International Private Bank

Find out more: deutschewealth.com/esg

This article appears in the Deutsche Bank Supplement of the Summer 2022 issue of LUX

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