Alex Mustard photographed healthy reefs in the Maldives

As our oceans warm up, the spectacular coral reefs of the Maldives archipelago are dying. Michael Marshall reports on the new philanthropic project aiming to make them more resilient to climate change

Beneath the glittering cerulean waters of the Maldives archipelago, trouble is brewing. The extraordinary coral reefs that encircle these islands are being damaged by climate change, threatening the country’s very survival.

Fortunately, help is at hand. A local research and conservation institute has bold plans to strengthen the reefs by breeding the most resilient corals and seeding them in the waters of the Maldives. With the help of a new philanthropic initiative, led by Deutsche Bank, the project is ready to set sail.

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The Maldives is one of the countries most affected by climate change. “You couldn’t find a place more in the front lines,” says Callum Roberts, Professor of Marine Conservation at the University of Exeter.

As the Earth’s temperature warms, driven by greenhouse gas emissions, the oceans are being reshaped. Most obviously, sea levels are rising – and for low-lying islands like the Maldives that is an existential threat. But there’s more: seas are warming, the water is becoming more acidic and low-oxygen zones are spreading. These changes threaten all marine life.

Climate change poses a particular threat to corals. These tiny animals live in huge colonies underwater, and over thousands of years the skeletons of dead corals build up to make vast structures called reefs. The Maldives themselves are coral reefs that grew until they reached the surface, and the country’s islands are ringed by underwater reefs. These are home to an extraordinary range of animals, from sharks to starfish.

More photography by Alex Mustard of healthy reefs in the Maldives

“Your first experience of a coral reef is completely unforgettable,” says Roberts. “You dive over the reef crest and into that area where it’s just a huge blaze of fish of all varieties and colours.” It’s utterly immersive, he adds; you can “feel yourself being completely consumed by an ecosystem”.

Corals are particularly vulnerable to warming. “It doesn’t take more than a rise of about 1°C above their normal thermal maximum for corals to get into deep trouble,” says Roberts. “That’s what’s been happening.”

Callum Roberts

In 1997-98 and 2015-16, spikes in ocean temperature caused mass coral bleaching events. The corals expelled the algae that live inside them and that they depend upon for nutrients. As a result, the corals turned ghostly white. The first bleaching event killed an estimated 95 per cent of shallow corals. They then underwent a partial recovery, before the second mass bleaching event caused about 65 per cent mortality. “That level of coral death is extremely worrying,” says Roberts.

In a 2018 report, the Intergovernmental Panel on Climate Change stated that “coral reefs would decline by 70-90 per cent with global warming of 1.5°C, whereas virtually all would be lost with 2°C.” So far, the Earth has warmed by an estimated 1.1°C.

To save the corals, and by extension the Maldives, the country’s former president Mohamed Nasheed founded the Maldives Coral Institute (MCI). The MCI aims “to help coral reefs to survive and adapt to the changing climate”. Roberts is one of its scientific advisers.

Alex Mustard also photographed bleached, dead corals highlighting the abundance of sea life at risk if corals are left to decline

The MCI is now being financially supported by Deutsche Bank. In November 2021, the bank launched its Ocean Resilience Philanthropy Fund, which is intended to support nature-based solutions to marine conservation problems. Deutsche Bank committed an initial $300,000 and hopes to raise $5 million over the next five years. The MCI was brought to the bank’s attention by Karen Sack, Executive Director and Co-Chair of the Ocean Risk and Resilience Action Alliance.

Jacqueline Valouch

“The lack of funding is one of the big recognised barriers to nature-based solutions,” says Jacqueline Valouch, Head of Philanthropy at Deutsche Bank Wealth Management in New York, who was involved in setting up the fund.

“We’ve got this massive problem, the Maldives Coral Institute has a mission, and Deutsche Bank is funding a really important piece of work to begin with,” adds Roberts.

The funding will enable the MCI to launch a project called the Future Climate Coral Bank (FCCB). The idea is to find corals that have proven resistant to climate change and breed them in a controlled environment, creating more resilient strains. “We’re going to have a living propagated coral farm underwater in which the idea is to explore and test ways of assisting evolution,” says Roberts. These resilient corals can then be reintroduced to the ocean, particularly to reefs with a poor supply of coral larvae. In the long run, this will hopefully mean the Maldivian corals become more resilient.

The MCI works on conservation projects including this one at Fulhadhoo, where divers installed a silt screen to prevent sediment from nearby construction from damaging the corals

“The magnitude of that impact to us was unmatched in many ways,” says Valouch. She says the FCCB “could last for many generations,” which is crucial, because her philanthropic clients want “to make an impact on the causes they care about”. “They’re multigenerational families coming from many different regions of the world and they have their family members living in different parts of the globe.”

Valouch and her colleagues plan to spend much of 2022 talking to donors. “We are looking to kick all that off now,” she says. A key element will be introducing prospective donors to the project team, so they can appreciate the talent and passion of all involved. Deutsche Bank is also recruiting a panel of experts who will advise on which projects to fund. “To be able to have that kind of innovation and creativity sit at the table with us is just extraordinary,” Valouch says.

For her, philanthropy can provide the seed funding for ambitious projects such as the FCCB. “It allows other donors to come in,” she says, and enables organisations like the MCI to recruit enough staff to become sustainable.

“I think the private sector has a greater appetite for risk,” says Roberts. That’s especially true for projects such as the FCCB. “This is not research that ends when you publish a study. This is something that has to make a difference on the ground and in the water.”

The hope is that, with the right investment, the corals of the Maldives will thrive for decades to come.

Five approaches to regenerating the world’s coral reefs

1. Reducing agricultural runoff into the sea improves water quality and coral health.
2. Coral IVF grows baby corals in the lab and seeds them on damaged reefs.
3. Artificial reefs can be sunk in oceans to provide homes for corals and other sea life.
4. Corals can even be given ‘probiotics’ to help boost their health.
5. Most importantly of all, limiting climate warming to a maximum of 1.5°C and lowering global greenhouse gas emissions to net-zero will minimise the threat to the world’s coral reefs.

— Michael Marshall

Former President of the Maldives and environmental activist Mohamed Nasheed discusses climate change with children at the Maldives Coral Institute’s Coral Festival in 2020

A partnership of positive steps

The Ocean Risk and Resilience Action Alliance (ORRAA) is helping to drive a global response to ocean-derived risks. Backed by organisations ranging from the World Wildlife Fund to Deutsche Bank as global lead banking partner, it wants to save the oceans by deploying the power of the financial world.

Read More: Jean-Michel Cousteau: Choose Life

Its mission is “to pioneer new and innovative financial products” that will tackle climate change, protect ocean biodiversity and help coastal communities become resilient, says Karen Sack, Executive Director and Co-Chair of ORRAA.

Karen Sack

“We aim to drive at least $500 million of investment into coastal and marine natural capital, or ‘blue nature’,” says Sack. She argues that this is in everyone’s interest. The global ocean economy has a total asset value estimated at $24 trillion, but in the past decade only $13 billion has been invested in sustainable marine projects. “We need to change that,” says Sack. “And we need to act quickly.”

Hence the Maldives project. Deutsche Bank were looking for ways to have a positive impact quickly, as well as over the long term, and Sack suggested supporting the MCI. “Lessons learned in the Maldives will help heal and strengthen coral reefs around the world.”

Michael Marshall is a renowned science journalist specialising in the environment and life sciences

Find out more: deutschewealth.com/oceanfund

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

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.

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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.

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.

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.

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.

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?

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.

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.)

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

Baby pillar coral, being bred in quarantine, at six months. Image by Kristen Marhaver

She is one of the most compelling figures in ocean conservation. Kristen Marhaver, a marine biologist and TED and WEF star, has made coral regeneration sexy. She tells Darius Sanai that rapid scientific advance and philanthropic support are combining to make the idea of regrowing the world’s coral a real prospect

DEUTSCHE BANK WEALTH MANAGEMENT x LUX

Kristen Marhaver. Image by Bret Hartman.

LUX: Why has there been so much positive progress in coral science recently?
Kristen Marhaver: For a long time, nobody knew how corals reproduced. We assumed most corals spat out little swimming baby corals. It was only around 30 or 40 years ago that mass spawning of corals was discovered and that’s because it only happened a few nights a year. If you’re in the water one hour too late or two days too early, you won’t ever see it. We always had in the back of our minds that the more we understood about reproduction, the more we could help promote coral reproduction in the wild.

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When I started my research career, we would watch corals reproduce and collect their eggs and raise them through the first couple of days or weeks of life and that was it. It was extraordinarily difficult to make progress and most of the coral community thought that there was no way that this would ever lead to something you could apply in conservation. All of a sudden, things just started to click and every year we made a little bit more progress – by “we” I mean the hundreds of people around the world working on a thousand coral projects every year – and decoding one more puzzle at a time and getting a little bit further along the path.

Then we realised all of a sudden something that had seemed impossible became fairly possible. Now everything is aligned just right, and there is this gold rush in coral reproduction science to increase the efficiency of their breeding. We know that every year we’re only going to make a couple of steps more before we have to wait 11 months to try again.

It has been exciting to see the field’s potential grow in the past few years, and it makes it even more exciting to dig into the ever more difficult puzzles because we know that the more we solve, the more we can hand over the answers to other groups that can scale it up from there.

LUX: Is it correct to say there is hope that coral reefs can be rebuilt?
Kristen Marhaver: We are slowly accepting that it’s an option, but we are always really careful about the scale and the timeline when we talk about it. Sometimes I think that we are in year 40 of a 200 year project. So, we can’t go and give an island nation an entire new coral reef, but we can grow a handful of species, get them out in the water, give them 10 years, and they will be the size of basketballs. We can do that on a metres to tens of metres to hundreds of metres scale, but it is also true that the more that people get good at this, and the more innovation is applied, the more it will scale up. In the next five to ten years, we will have changed from saying, “this is something we can do” to “this is something that we can scale up confidently”. There is an analogy with orchids. These used to be extraordinarily expensive, but if you go to a supermarket or a florist, you will see an orchid for $10. The reason they are so abundant and cheap is because scientists figured out meristem culture, so instead of waiting for orchids to grow big and then dividing, they just take a tiny sliver of tissue and grow a whole new orchid. That completely changed the availability and propagation of those plants. We are about to see the same kind of thing in coral propagation.”

Juvenile corals, aged 18 months in the aquarium system at CARMABI. Image by Kristen Marahver

LUX: You can recreate coral killed by human activity, but how do you ensure the new coral won’t be killed again?
Kristen Marhaver: That’s a great question. And it’s a huge concern. We have a couple of reasons to be optimistic, one of which is that there’s now a really powerful race amongst the countries to enact not only climate plans, but also marine protected areas and fisheries regulations and sewage system modernisation. There are also some pretty nice examples of places where juvenile corals can do better than the adults could. That’s partly because when we are growing juveniles, there is a tremendous amount of genetic diversity. You have more chances of getting a good hand by putting 20,000 juveniles of all different genetic combinations into a place, as opposed to fragmenting 10 or 20 adults and gluing those pieces back onto a reef.

Read more: How Chelsea Barracks is celebrating contemporary British craft

LUX: You are passionate about making sure philanthropists support the right groups in coral restoration.
Kristen Marhaver: The most powerful groups in coral restoration are in places like Belize and the Dominican Republic and the Philippines. You don’t necessarily hear about them because they don’t have the glossy brochure and the advertising budget and the social media person; they’re just all underwater busting their butts. It is really important to find a group that’s not just flashy and well branded, but one that is honest about what they can do. It’s important for donors and philanthropists to do their homework and find out what’s going on behind the scenes.

LUX: And why is coral important?
Kristen Marhaver: I was interviewed once on a television station and the interviewer asked me why we should care about coral reefs. And I said, “Well, they bring in tourism money, and provide food for a billion people around the world, and they grow these beautiful structures that are art.” Then he asked, “Why should we care?” I said, “If you don’t like money or tourism or art, then I really don’t know what I’m going tell you.” But if you have ever been to a beach in the tropics, or been in a building in the tropics, you may have corals to thank for keeping that beach there, keeping that building up. It’s also cultural heritage, the same way that we care about losing languages or losing monuments or losing art. It’s because it’s the heritage of our earth and the cultures on earth. We owe it to small communities around the world to help them hold on to that cultural value as well.

Dr Kristen Marhaver is a coral reef biologist at the Research Station Carmabi and the founder of Marharver Lab, both in Curaçao.

Find out more: researchstationcarmabi.org; marhaverlab.com

This article originally appeared in the LUX x Deutsche Bank Wealth Management Blue Economy Special in the Summer 2020 Issue.