Bas van Kranen, Executive Chef of Restaurant Flore at Hotel De L’Europe in Amsterdam

Dutch chef Bas van Kranen has redefined fine dining throughout his career at restaurants Bord’Eau and Flore, introducing plant-forward menus with a focus on sustainability – and earning two Michelin stars along the way. In a conversation with LUX, he tells us about his beginnings as a chef, his inspirations in Dutch agriculture, and the future of micro-seasonality in fine dining

LUX: You started your career quite young at 14, after a dinner at a Two-Michelin-Star restaurant. What was the name of the restaurant and the food that night, and how did it spark your passion?

Bas van Kranen: I actually didn’t eat there. I started working behind the dishwasher. The restaurant was Da Vinci in Maasbracht, just two streets away from where I grew up. At 14, I knocked on the door and asked Margot Reuten if I could get a job in the dish pit, because I wanted to become a chef.

The outside of Restaurant Flore, where sustainability meets fine dining in a serene, Michelin-starred setting.

From that moment, I was completely absorbed by the rhythm, the ambition, the quality of the food, and the service. It was like entering a different world. I had been fascinated by food since I was six. There are so many photos of me smiling with something edible in my hands. Working at Da Vinci set the tone for everything that came after. It showed me what was possible when passion meets discipline, and it gave my ambition a clear shape: this is what I wanted to do with my life.

Follow LUX on Instagram: @luxthemagazine

LUX: And now you’re known as one of the youngest chefs in the Netherlands. What would 14-year-old-you say if he saw where you are now?

BVK: He would probably be amazed. But I think he’d also recognise the drive. I consider myself lucky to have a mindset that doesn’t settle. The moment a goal is reached, I’m already looking forward to the next. What matters to me today is the idea that anything you choose to do, you should do it as well as you possibly can. Whether it’s a simple salad, a sandwich, or a bunch of flowers on a table. If it’s worth doing, it’s worth doing well.

The beautifully curated interior of Flore

LUX: Flore is reopening and many are excited – but what inspired the name? Can you define the meaning behind ‘Flore’?

BVK: The name ‘Flore’, derived from flora, meaning ‘blossoming’, encapsulates the essence of our culinary philosophy. It represents the plant kingdom and the unfolding of flavours in each dish. The name speaks directly to our vegetable-forward approach and our connection to the natural rhythms of Dutch agriculture. Just like plants flourish under the right conditions, we believe flavours should be allowed to express themselves at their natural peak.

Read more: Mont Cervin Palace and Beausite, Zermatt review

LUX: With the reopening, the interior and design have also been renovated. What elements and inspirations shaped the new space?

‘It’s all about harmony between the food, the space, and the story we’re telling’ – Bas van Kranen

BVK: We wanted the design to reflect the same values as our food: rooted, natural, and intentional. Together with Reiters-Wings Studio, we used carbon-negative materials inspired by traditional building methods, for example, lime and hemp plastered walls. The ceiling undulates like the Amstel River, bringing a sense of movement and locality. The furniture is reclaimed wood, and we designed the ‘Flore Chair’ in collaboration with Tim Reiters to complement our vision. It’s all about harmony between the food, the space, and the story we’re telling.

LUX: The phrase ‘conscious fine dining’ – how would you define that, and how does it live at Flore?

BVK: Conscious fine dining means making the best possible decisions at every step, not just in cooking, but in sourcing, design, and service. At Flore, we work with hyperlocal ingredients, maintain a deep fermentation program to minimise waste, and collaborate closely with biodynamic growers across the Netherlands. We aim to prove that true luxury isn’t about imported rarity but about care, quality and proximity. Conscious fine dining shifts the focus from status to substance, from exclusivity to integrity.

Culinary innovation is at the heart of Flore, seen in this transformed risotto dish

LUX: Your travels have influenced your cuisine – how do you translate those inspirations into your dishes?

BVK: Travel for me is about learning techniques and principles, not copying flavours. Spending time with different cultures around the globe has taught me a huge amount about balance, fermentation, restraint and seasonality. Japanese cooking in particular has influenced how we draw out deep flavour with minimal intervention. We don’t recreate dishes from other cultures. Instead, we use those techniques to express Dutch ingredients in a new and more meaningful way.

Read more: The morning after the night before at St Moritz’s Dracula Club with Heinz E. Hunkeler

LUX: What country has been your favourite to visit, and what dish did it inspire?

BVK: Japan has made the deepest impression. The culture is rooted in respect, technique, and nature. It’s incredibly refined. Right now I’m studying how to age and refine seaweeds, the way Japanese chefs have been working with kombu for hundreds of years. It’s like a new language of flavour. That’s the beauty of it. It never ends.

No dish is repeated at Flore; each dish is made using local and seasonal produce

LUX: Flore was named ‘Vegetable Restaurant of the Year’ in 2024 and holds two Michelin stars and a Green Star. What did those awards mean to you, and are there any other recognitions you aspire to?

BVK: Receiving two Michelin stars and a Green Star within eight months of reopening was incredibly affirming. The ‘Vegetable Restaurant of the Year’ recognition meant a lot, not just for us, but for the shift it represents. It shows that a plant-led menu can lead the conversation in fine dining. We’re not chasing more titles. What we want is to help redefine what excellence means in our field, to set a new standard that includes responsibility alongside creativity.

LUX: Why did you decide that no dish would be repeated, and that the menu would evolve constantly throughout the season?

‘The space, the interaction, the materials, the sound – everything is designed to support what’s happening on the plate’ – Bas van Kranen

BVK: It’s a direct response to our commitment to Dutch micro-seasonality. We work closely with nature and producers, adjusting our menu every week based on shifts in weather, soil and harvest. This keeps us creatively alive and allows us to present each ingredient at its absolute peak. It also invites guests into a specific moment, one that can’t be repeated. That kind of authenticity is powerful.

LUX: What changes do you see in the dining habits of your guests?

Read more: Six of the best hotels in Scotland reviewed

BVK: There’s a noticeable shift towards conscious dining. Guests are more curious, more engaged. They want to know where things come from, how they’re made, and what they represent. There’s also more openness toward plant-based options and non-alcoholic pairings. We’re seeing a move away from the old markers of luxury, toward something more thoughtful and personal. That’s very encouraging.

LUX: Is there a generational difference in what people like to eat?

Some seasonal produce used to create the ever-changing menu at Flore

BVK: Younger guests are often more fluent in sustainability. They’re excited by fermentation, by unusual vegetables, by zero-waste thinking. But across generations, we see a growing interest in real food stories and a willingness to step away from what’s expected. Older guests sometimes have deeper emotional connections to traditional ingredients, which leads to interesting conversations. What unites everyone is a deeper awareness of the impact of food.

Read more: Inside Aston Martin’s Valhalla and Vantage

LUX: How important is the overall experience beyond what’s on the plate?

BVK: They’re inseparable. The space, the interaction, the materials, the sound – everything is designed to support what’s happening on the plate. We want guests to feel a shift when they walk through the door, a kind of transition into a more grounded, present moment. Conscious fine dining is about mindfulness as much as taste. When all elements are in alignment, the experience becomes something you carry with you.

The entrance to Flore: ‘We want guests to feel a shift when they walk through the door, a kind of transition into a more grounded, present moment’ – Bas van Kranen

LUX: Who are your culinary heroes?

BVK: Dan Barber, for his work on agriculture and flavour. René Redzepi, for changing the way we think about fine dining. Yoshihiro Narisawa, for translating nature so elegantly onto the plate. And Jonnie Boer, who has been putting Dutch ingredients like magnolia, wild duck, crayfish and pikeperch on the map for over 25 years. I have great respect for that.

LUX: If you could be transported anywhere in the world to eat and drink anything, what would it be, and with whom?

BVK: I’d go to one of the remote Japanese islands with my partner Roos and our close friends. Somewhere in the forest, overlooking the sea. We’d grill freshly caught fish, open a pot of aged miso, and make a salad from Japanese seasonal greens. And we’d drink a bottle of Nichi Nichi sake – one of the best I’ve ever tasted. That’s the dream. Good food, natural surroundings, and people you love around you.

restaurantflore.com

Photo courtesy of Fresh Del Monte

Hans Sauter is the Chief Sustainability Officer at Fresh Del Monte. He speaks to Trudy Ross about the company’s sustainability journey and the importance of creating a culture of respect for the environment

LUX: Could you provide an overview of the company’s sustainability journey and a few key milestones you’ve achieved in recent years?
Hans Sauter: Let me mention that I’m not just Chief Sustainability Officer but also senior vice president for Research and Development. That’s not just out of coincidence. We approach sustainability from a scientific and data-based point of view, not a marketing or sales perspective. I have been with the company for 35 years; I started at the farms doing agricultural research and worked my way up to corporate. I know our global footprint in great detail and have accompanied this process of incorporating sustainability into our operations all along.

About 30 years ago, we started designing our farms to make the best use of the soil, carving out the areas which would be best adapted to our own crops and then leaving those other areas to re-forest and create opportunities for conservation. Starting all the way from water conservation to erosion control, pollination, etc, our operations have transformed themselves over time into combined systems where we see nature and large-scale agriculture co-existing. That’s very exciting.

Photo courtesy of Fresh Del Monte

A few milestones: in 1998, we got our first ISO 14001 certification around sustainability systems. In 2010, we set our first global sustainability goal to reduce our consumption of key resources, like water and fuel, by 10%. In 2015, we got our first carbon neutral certification at one of our operations, specifically the banana farms in Costa Rica. We escalated that last year, to estimate our carbon footprint going all the way from the farm to the consumer. We established programs where we promote those efforts, such as the Del Monte Zero pineapple, where we have sequestered enough carbon through our own on-site forests to compensate for greenhouse gas emissions all through the supply chain up until the consumer’s table.

Follow LUX on Instagram: luxthemagazine

LUX: Do you think it is important to engage with the consumer and make them aware of sustainability initiatives, or are you more focused on the problem itself?
HS: We started this journey so long ago that we initially attacked the problems where they were occurring. On our farms, being in tropical and rural areas which are normally the most vulnerable areas and communities, we saw a great need for action. We engaged ourselves in projects to collaborate with our neighbours and see how we could improve conditions there.

We now understand that the consumer needs to hear about those efforts. In the last five years we have been more vocal about those efforts, because we have truly strong programs to talk about. It’s not making a lot of noise about little things; we’re talking about legitimate programs. We have carved close to 30% of our land just for conservation, and that’s what nations are trying to accomplish now – we’ve done it already.

Photo by Justine Alipate

LUX: Do you have faith that the rest of the food industry is going to continue to engage with sustainability and make this a key focus, or do you worry that there is an element of greenwashing and shouting about sustainability efforts when there aren’t concrete initiatives to back them up?
HS: There’s a little bit of both. There has definitely been some greenwashing and more talking than acting; but on the other hand, I don’t think anything can stop this train. The current events are making us brutally aware that we need to act. I’m convinced that the only thing that is needed is to get to the tipping point. If you have strong leaders that move the needle, the rest of the industry will follow. Just look at the electric motor industry – who would have said we would be moving at the pace we are moving at today? I’m definitely optimistic about the food industry.

LUX: How would you describe Fresh Del Monte’s approach to responsible sourcing, and does this impact your supplier chain further down the line?
HS: That’s probably the most difficult point at this stage. All of us are struggling with scope 3, which is essentially our suppliers. Rapid engagement of that part of our supply chain is crucial and not as easy to move. One of the advantages we have as a company is that we grow close to 45% of what we sell, so we are heavily invested in farming and understand what farmers are going through. That gives us an opportunity to talk to them on a one-to-one basis with a hands-on approach. We collaborate with them and we share experiences.

I think our example will help us leverage some moral authority when it comes to protecting the environment because we have done it, and we continue to do it and invest in it. Definitely scope 3 will continue to be a more difficult area, particularly because margins in the food industry are small. Here the retailers could be very effective in moving that needle because they are the intermediaries between the grower and the final consumer, making sure that they also are a part of this shared responsibility.

LUX: What is the biggest challenge facing the food industry and the agriculture industry?
HS: I would say the biggest challenge is time. The climate is changing so fast and most of us don’t realise that the clock is ticking. We could run out of time to implement large-scale solutions that make a difference.

Photo by Sven Wilhem

I see no shortage of solutions available, but there needs to be a lot of resources invested in research, specifically for many crops in tropical regions where regenerative agriculture practices have not been developed. We are very optimistic about regenerative agriculture in temperate regions, but the rest of the world has not had that privilege and we need to invest in those areas.

LUX: How much of this responsibility for climate change lies with big corporations like Del Monte, and how much do you think lies with the consumer?
HS: We are all in it together. Consumers make the difference with their purchasing decisions. That’s one of the reasons we decided to launch the Del Monte Zero. It’s a small, boutique program. We wanted to make a statement by allowing the consumer to choose a climate-responsible product, so that we are all made aware of what we are going through.

Each of us, in large companies and small companies as well, each of us has a huge responsibility at this point. We are working with our communities and we are looking at our impact on a watershed level, rather than just ‘my farm’. Because it doesn’t matter how much I protect the forest that runs through the river that runs through my own farm, if I don’t bring all the neighbours to protect that watershed, that river will eventually dry. We need to act as communities.

LUX: Waste reduction is a very important issue taking place in the food industry. Has Fresh Del Monte implemented any strategies to minimise waste reduction, and have you seen any outcomes?
HS: This is a very exciting area of opportunity. It can bring more business to the food industry. We initially started investing in waste reduction a long time ago, in our pineapple operations, using food which could not go to market to produce concentrate and juice. With that kind of systematic investment we have reduced waste at the farm level, and almost 95% of our product is used and not wasted. We are working on solutions to compost and to work with cattle-growers.

Food is too valuable to throw away. There should never be a reason to send food to landfill. What we are doing now is taking that one step further and looking at our crop residues, because that’s also a huge area of opportunity and we’re working aggressively to develop composting solutions and also other opportunities. It’s just investing in research and time.

Photo by Dan Gold

Read more: Unilever’s Rebecca Marmot on the Sustainable Everyday

LUX: What sustainability developments are you most excited about at Fresh Del Monte?
HS: I would say the most exciting thing which I have seen over the course of 35 years is the development of a culture of respect for the environment. No systems, no programs beat culture. If your team members have a culture of respect and admiration for the planet and your community, everything comes out of there and you have success with your systems and your programs.

We have seen engagement all the way from the farm workers, who have been sharing pictures of the biodiversity that they see while they are doing their field work. The excitement and the passion that we see is huge. When your own farm workers are excited and are taking pictures of biodiversity while they’re working, you have made an impact not only in your farm but also in the community. That multiplies by four every effort in education you have brought in.

LUX: How do you envision sustainable practices in the food industry in ten years?
HS: I envision it having huge contributions from new bio-science discoveries. There are companies which are working on deploying microbes that can fix nitrogen so that you don’t have to apply so much synthetic fertiliser. Synthetic nitrogen is one of the biggest challenges we have in agriculture as an emitter of greenhouse gas emissions. That will definitely make a big difference in the future.

Find out more: freshdelmonte.com

Fishes, 24 March 2019, Teahupoo, Tahiti, French Polynesia. © Ben Thouard

Markus Müller discusses how the ocean, biodiversity, the global economy and the world of finance are inextricably linked – and proposes what should be done now to make business fit for a nature-compliant future

Markus Müller

Economics is deeply bound to nature. Portfolio managers in finance often think they invented the idea of diversification. I hate to disappoint them, but it was created by nature first. Nature, like economics, invented diversification for risk protection and to provide the breeding ground for development. If everything stayed the same, there would be no development – this is true for nature and true for economics.

According to some estimates, half of global GDP is directly attributable to nature. Some industries, such as construction, agriculture and manufacturing, use nature’s output to create economic output, and are therefore heavily nature-dependent. The biodiversity of nature is also essential to economics, because the wide assortment of living things provides crucial ecosystem services to the economy. These services range from providing fresh air and clean water to producing food. Nature provides everything that humans consume.

Follow LUX on Instagram: luxthemagazine

The ocean plays a big part in biodiversity, as two-thirds of our planet is covered with water and more than 95 per cent of that is ocean. If we allow our ocean ecosystems to be depleted, we create risks for nature, for humanity, for the economy and for social stability. Human life is heavily dependent on ocean ecosystems and, if we let them deteriorate, the services we need to live and thrive will not be there. We would lose the critical services the ocean provides, such as the natural governance of carbon sequestration and temperature regulation. It is all one connected chain.

There are a myriad of links between nature and economics. The ocean is a great example of this, and an example of how we undervalue nature in our economic thinking. For instance, do we really understand the financial impact of having 40 per cent of the global population living near the coast with the threat of rising sea levels? Have we really taken into account how vital water is for our livelihoods and do we have an economic model that accounts for this?

Although our understanding of ocean economics has developed, there is still a long way to go. However, we do know enough to start taking action. Some may ask, why is it important to finance the blue economy? The real question is, how do we use finance to transform our current non-sustainable and non-equitable blue economy into a sustainable and equitable one? First, we have to be clear about the goal: to have a sustainable and equitable blue economy and a nature-compliant economic model. Creating such a model is the equivalent of the economics behind building and operating a railway infrastructure. To build a functioning train network first requires a railway system, which is too expensive for private markets to install and is the kind of cost that only a government can afford – but the trains can be provided and financed by private companies.

We need to enable the ocean to deliver its ecosystem services. Many ocean assets need to be protected in Marine Protected Areas (MPAs) and they are unlikely to generate an investment return. This means assets in MPAs are not suitable for a market system; rather, it becomes a governmental and societal responsibility to protect them and ensure they are not being depleted or overused. Governance is key for this to be successful.

Finance can be a tool that then helps achieve the goal for a sustainable and equitable blue economy. Global financial markets can play a role by providing a premium to companies that operate in the blue economy. In time, these companies that account for the impact that the ocean has on their economic activity can become more profitable and have more stable profit generation than other businesses. Those businesses that do not account for the ocean may find they are at risk: a reputational risk, a physical risk, even a liability risk. Financial markets can also provide indirect support to sustainable companies that understand how their value chains are impacted by the ocean. This is also part of ocean finance.

In this new economic model, firms link self-interest to the health of the natural machine. CEOs understand their dependency on the ocean and are therefore aligned for protection. This happens through transparency, disclosure and data flow. Regulation provides a framework, which can be supplemented by the private sector if needed, as regulators can’t do everything. The risk to watch out for is using key performance indicators (KPIs) that are not globally or locally accepted in financial markets. Here again, regulation is an enabler.

Companies that are directly involved in the blue economy should employ local people and redistribute the accrued margin to the local communities, based on the understanding that nature needs time to recover. This would be both sustainable and equitable. Self-interests will drive this and it will happen at the local level, bottom up, before eventually forming global coalitions. An economy, or society, works from an agreement of self-understanding. Thus, if humankind can reach an agreement that fossil fuels are not the way forward, then society will find a way to abandon fossil fuels. However, if there is not such an agreement, then global treaties will not be signed.

Read more: 3Sun Gigafactory’s Eliano Russo On The Clean Energy Transition

Literacy in the systemic value of natural capital is incomplete, especially in financial markets. It follows a similar path to the understanding of climate change from the past 40 years. But it is growing. We must now act on propositions such as those outlined here to build the nature-compliant economy of our future.

Markus Müller is Environmental, Social and Governance (ESG) Chief Investment Officer at Deutsche Bank’s Private Bank

Find out more: deutschewealth.com/esg

This article was first published in the Deustche Bank Supplement in the Spring/Summer 2023 issue of LUX

Cary Fowler outside the Svalbard Global Seed Vault. Hemis/Alamy

Cary Fowler is the American visionary who established the Svalbard Global Seed Vault to ensure the security of all our crop seeds come war, famine or plague. Such future-proofing is ever more important, he tells Andrew Saunders

Appearances can be deceptive. The modest steel and concrete protrusion jutting out from the side of a mountain on the remote Norwegian Svalbard archipelago may not look like much, but it’s actually the entrance to one of the most valuable facilities on earth. Within the vaults behind it, tunnelled 120m into the rock and isolated by layers of both physical and biosecure protection to prevent contamination from the outside world, lies neither gold, gems nor fine art but something much more precious – a collection of seeds of the world’s food crops that we all rely on for our daily nourishment.

It’s the Svalbard Global Seed Vault, and it was built to help protect the world from the growing threat of biodiversity loss, particularly arising from climate change. Loss of biodiversity may not be as well-known as other risks associated with global warming such as higher temperatures and rising sea levels, but it is at least as important, says Cary Fowler, biodiversity specialist and a member of the team that co-founded the vault in 2008. Because, he asks, where would we be without food to eat?

Follow LUX on Instagram: luxthemagazine

“We are in the midst of the greatest and quickest change in climate in the history of agriculture, and our future food security is totally dependent on biodiversity. How likely is it that all the varieties of all the food crops we rely on will be able to adapt and continue to grow in conditions that they as species have never experienced before? We need to preserve diversity so that we can help our crops adapt to these new conditions.”

But how exactly does keeping a collection that so far comprises 1.1 million seed samples (with each sample containing an average of 500 seeds) from more than 230 countries literally on ice at 78 degrees north help manage climate change? As Fowler explains, different varieties of rice, wheat, millet and so forth have specific traits that suit them for specific environments. Short-stemmed cereals are less susceptible to damage from wind and rain, for example, while others may be more tolerant of heat or drought. Samples of plants with those types of traits are a crucial hedge against the uncertainty of the future. The research done by bodies such as the International Maize and Wheat Improvement Center in Mexico is critical in our understanding of which varieties are resilient to changing environments.

The entrance to the seed vault.

“Climate change will advantage some crops and disadvantage others,” he says. “If I had a time machine and could go forward 100 years, I am confident that some of the important crops we grow now will have become much less important, and others will have come to the fore. The seed vault collection makes that kind of adaptation possible.”

So, Svalbard is really a kind of global insurance policy, a backup resource to help maintain food production and preserve lives, societies and economies in the event of any natural or human-made disaster, including, but not limited to, climate change. Many of the varieties it contains are no longer grown because they have been replaced by new varieties that are more productive or easier to cultivate, but preserving them is no less important from a biodiversity point of view. “You might have a sample of wheat, say, that by modern standards is just terrible, but it could have one vital trait that is not found anywhere else – resistance to a disease that we don’t even know about today, for example. We can then crossbreed it to get that trait into the modern variety,” explains Fowler.

Read more: Markus Müller on the Importance of Global Sustainability Standards

The Seed Vault was set up as a partnership between the Norwegian government, the Nordic Genetic Resource Centre (NordGen) and the Crop Trust (of which Fowler was previously executive director and where he is now a senior adviser) to conserve crop diversity in perpetuity. He well remembers the scale of the task that faced him and the team he was leading in the early days. “I’d been in the field for a few decades and I knew what was necessary to conserve crop diversity, but to do it in perpetuity? That was an interesting challenge. There are not too many jobs on the planet that involve doing something in perpetuity.”

One of the tunnels inside the vault

The vault’s construction and location were carefully chosen with that longevity in mind. Carved into the Arctic mountain, it is both physically secure – it could withstand a substantial bomb blast – and naturally cold and dry, the ideal conditions for preserving seeds. The ambient temperature inside the vault is approximately -4˚C, and mechanical cooling pulls that down to the optimum storage temperature of -18˚C. But even if the cooling system should fail, the collection would remain safely preserved for several decades. “There would be plenty of time to get up there and fix the equipment. There are no guarantees in this world, but we did the best we could with it.”

The hardest work, however, lay elsewhere, he says. “The management structure – that was the real challenge. I wanted a facility that involved as few human beings as possible, and that more or less ran itself. So that’s what there is – there are no staff located on site and the facility is naturally frozen.”

Read more: Dimitri Zenghelis on Investing in the Green Transition

Former UN Secretary-General Ban Ki-moon has called the Seed Vault an “inspirational symbol of peace and food security for the whole of humanity”, and there is a strong social justice element to its role. “I am very aware that when we do have a world food crisis, it will be the poorest of the poor who are the first to suffer,” says Fowler. “I grew up in the time of the civil rights movement in the US and have a strong interest in social justice as well as agriculture. My home is in Memphis, Tennessee, where Martin Luther King was assassinated on 4 April 1968. I was at his last speech the night before he was killed; it was very emotional.”

The next job for the Svalbard team – and for Fowler himself – is to raise the profile of biodiversity, both with the public in general and with philanthropists in particular. “Biodiversity is the greatest world problem that we face that we can actually resolve. If I ask you ‘What’s your solution for climate change?’, that’s really big and complicated. But we do have an answer to the question of how to preserve the biodiversity of food production – we know how to do that.”

What’s required is greater awareness and a willingness for institutions and wealthy individuals to recognise the importance of funding biodiversity, he adds. “If I was a wealthy individual and I wanted, for example, to save the whales forever, that would be a great thing to do but how much would it cost and how would you go about doing it? There’s no organisation in the world which could tell you that.”

Maize plants in a greenhouse at the International Maize and Wheat Improvement Center, Mexico. Photo courtesy of The Global Crop Diversity Trust. Juan Arredondo/Reportage by Getty Images for The Global Crop Diversity Trust

By contrast, saving crop diversity is both practical and relatively affordable. Smaller crops could be saved for around $5m, Fowler calculates, and the cost of preserving even the most important global crops is less than you might expect. “I can tell you the answer for rice, which is our biggest crop with the most samples and therefore the most expensive. Somewhere between $35m and $50m in an endowment fund would generate enough income to save all the rice diversity in perpetuity.”

In short, his pitch is that food is the bedrock of human existence, and crop biodiversity is a great way to maximise food security in a time when climate change and a host of other potential calamities are threatening it. “Those sums are well within the scope of a number of wealthy people, and they would be the first to do something quite extraordinary and inspiring. Can you name any other major world problem that we have solved, reliably and forever, within the lifetime of someone living today? Well, we can do it with this one.”

Additional research by Candice Tucker
Find out more: caryfowler.com; seedvault.no

This article was originally published in the Autumn/Winter 2021 issue.

Italy retains its place as one of the most desirable second home destinations in the world, says Andrew Hay. This property, Le Bandite is located in Umbria with easy access to Rome

Lord Andrew Hay

Lord Andrew Hay is Global Head of Residential at Knight Frank, the international real estate consultancy, and has built up property portfolios for some of the wealthiest people in the world. In a new regular column, he is handed a theoretical sum of money by LUX and asked how he would invest it. We kick off by handing Lord Hay £100m and requesting a global residential property investment portfolio

When LUX’s Editor-in-Chief generously offered me the opportunity to “invest” £100m into property, I was unsurprisingly delighted to accept. I have had free rein on where and what I buy, but have decided to invest with both my head and my heart. The reason being – I want to enjoy the properties I purchase but also have a clear focus on investment returns.

With this in mind, I have divided my allocation into equal thirds, between high-end luxury residential property, residential investments with a focus on capital growth and rental returns and investment into student property and senior living. The final 10% I would invest into an agricultural portfolio.

Follow LUX on Instagram: the.official.lux.magazine

I have to start in London. Often the best investment strategy involves an understanding of which markets are the least fashionable at the moment – and with Brexit and tax hikes London has been underperforming in recent years.

With few London neighbourhoods having a global brand as strong as Chelsea’s, I firmly believe that Chelsea is the perfect example of an area that has been underperforming and which is now ripe for reassessment.

Prices here have fallen 20% since late 2014, compared with a 12% fall across the wider prime London market. While new-build property in this category achieves a premium, established property trades at between £1,200 and £1,800 per sq ft. With many properties now edging below £1,000 per sq ft, Chelsea is back in the spotlight and cheaper than some less central and glamorous neighbourhoods.

Interiors of a luxurious villa residence overlooking Lake Como

Yes, the area still lacks the connectivity of other prime neighbourhoods. However, with easy access to the river, unrivalled shopping on the King’s Road and Fulham Road and some of London’s best schools within walking distance – including the Lycée Charles de Gaulle and the London Oratory School – and the promise (or maybe hope) of a station on the future Crossrail 2 underground railway, Chelsea is set for rediscovery.

The next place I would invest is the other side of the world: New Zealand. New flights and rapidly increasing connectivity to Asia means the country is increasingly becoming a go-to destination. Auckland is the logical entry point and investment destination. One location in particular stands out to me – home to the 2021 America’s Cup, Wynyard Quarter is changing fast. Over the past decade, this waterfront precinct, once the heart of Auckland’s marine and petrochemical industries, has emerged as a major hub for national and international corporates, including Fonterra, Datacom, Microsoft and ASB Bank, as well as for the city’s innovation and co-working scenes.

Read more: Ruinart x Jonathan Anderson’s pop-up hotel in Notting Hill

Staying in Australasia, I have to include Sydney in my portfolio – a market that has seen a huge growth in investment over the past two decades from around the world. The city may be remote, but education has been a driving force in attracting Chinese purchasers. The one location I would target is One Barangaroo – Crown’s new development. One Barangaroo is one of the most beautiful developments in the world currently being built and is achieving record prices on the shores of Sydney Harbour overlooking the bridge and the Opera House. It has brought a new global standard of facilities and services to the city.

New York design firm Meyer Davis have crafted designed the interior layouts of residences at One Bangaroo

View down to the harbour from One Barangaroo, the latest residential development in Sydney

In Europe, Italy retains its place as one of the most desirable second home destinations in the world. The new flat tax initiative however has cast the country in a new light as a potential permanent base for the world’s wealthy. Italy is certainly worth a closer look. Property prices in many Italian prime markets declined 40% in peak-to-trough terms following the financial crisis, interest rates remain at record lows and the country is better connected than ever before.

In the US, the West Coast is of especial interest to me, the combination of lifestyle and economic dynamism here is unparalleled anywhere else in the world. One area which appeals to me is Pasadena. Home to the Rose Bowl stadium, NASA’s Jet Propulsion Laboratory and the California Institute of Technology, Pasadena offers an attractive combination of relative value compared with neighbouring communities in Beverly Hills and West Hollywood, and the desirable lifestyle and privacy that residents of Los Angeles seek. The neighbourhood is easily accessible, with a light rail line that puts it within 15-20 minutes of Downtown Los Angeles.

Read more: Kuwait’s ASCC launches visual arts programme in Venice

In terms of growth areas I would point to student accommodation and retirement. Student in particular is counter cyclical (i.e. typically more students in a recession). Participation in tertiary education globally is increasing – OECD predict 8 million internationally mobile students by 2025 (up from 5m today). Markets remain structurally undersupplied. In terms of where Sydney looks good it has a big student population and low pipeline due to shortage of development land. In terms of development, I like big European cities like Barcelona, Lisbon and Paris. European markets comprise with very little existing organised supply. Europe is new front for portfolio development, scale building and brand.

At the opposite end of the age scale is senior living where the market is undergoing rapid growth, underpinned by demographic shifts that are increasing demand for a wider array of specialist housing to suit the changing needs of older purchasers. London and the South East, Bristol and Edinburgh are key UK senior living markets. Globally, America, Canada and Australia are at the forefront of investment.

Finally I would invest in farmland. Choosing where to invest in agricultural land depends very much on your appetite for risk but the world faces both a water shortage and food shortage by 2040 and 2050 respectively and therefore, investors looking at long-term food security are well advised to invest in agricultural land. With the world’s fastest growing population, Africa offers some very exciting opportunities. Zambia, for example, provides a good balance of relative political stability and established infrastructure. The Asia-pacific region is seeing a huge growth in wealth and rain-fed farms on the east coast of Australia are well placed to take advantage of this market.

And, that’s my £100m invested.

Find out more: knightfrank.co.uk

Knight Frank’ Wealth Report directs ultra-high-net-worth individuals on where to invest in property and reflect $3 trillion of private client investment into real estate annually. The countries that have been most robust and performed best over the last decade have been those where there is a steady political and economic situation as well as transparent rule of law, high quality living and first class education. The above portfolio choice reflects this.