The Cyclades Preservation Fund runs a campaign to protect the vulnerable Posidonia oceanica meadows from anchoring. Courtesy of the Cyclades Preservation Fund

Philanthropy has a key role to play in initiatives to support ocean conservation, and in empowering communities with the ability to make a difference. Here, Darius Sanai outlines the importance of philanthropy, while Chris Stokel-Walker showcases seven philanthropic projects that are making waves

The German philosopher Immanuel Kant liked to talk about the categorical imperative: moral actions that have to be taken and do not broach any argument. Saving the oceans from further harm by humans is a prominent current example of a categorical imperative, one that would also likely receive the approval of moral philosophers from another prominent school of thought, utilitarianism, which espouses acting for the common good.

And significant positive change can be made – or, if you are a follower of Immanuel Kant, must be made – by people acting to their abilities in support of categorical imperatives. Philanthropists, such as those outlined over these pages, use their considerable means to try to make a difference in support of environmental initiatives, particularly in areas where other forms of capital are not able to work.

Follow LUX on Instagram: luxthemagazine

The opportunities to create positive change, and leave a positive legacy, are immense. Philanthropy plays a key role, but works most effectively when it is at its most informed. The links between the chains of planetary and ocean degradation are complex. A zero-emissions container ship can transport invasive species around the world on its hull; sailing yachts destroy carbon-capturing seagrass with their anchors; recycling plastics can produce significant carbon emissions. So it is philanthropists who are as educated on the issues as they are generous, working with carefully-chosen experts, who tend to be the most successful.

Ben Goldsmith

“All across the world, small groups of committed, passionate, effective people are making extraordinary things happen, often on a shoestring budget, and they are nearly always funded by philanthropists,” says Ben Goldsmith, the British environmental campaigner and founder and Chair of environmental charity Conservation Collective. “Philanthropy is the most potent kind of funding, as it comes without any requirement to produce a financial return and has the flexibility to pay for almost any kind of work, from grassroots action to societal movement building. In the right hands, philanthropy can move mountains. This is why it is so important that those with the means to do so give away some of their money – in the most thoughtful and strategic way possible – to those at the cutting edge of changing our world.”

Philanthropic capital is critical to ocean conservation and regenerative initiat

Jacqueline Valouch

ives, says Jacqueline Valouch, Head of Wealth Planning & Philanthropy at Deutsche Bank Wealth Management. “Money provided by philanthropic entities for ocean conservation and regenerative projects allows for early funding, innovation and alignment with the scientific community,” she explains. “By providing much-needed seed capital, philanthropic capital can help to de-risk projects and attract more funding. In these ways, it can help companies and others to restore, renew, conserve and make bigger change.

“Philanthropists are one group of the many stakeholders needed to move the dial on crucial areas of exploration, research (including through scholarship programmes) and innovation,” she continues. “These are initiatives that would not be possible without the dedication and patience of philanthropists.”

Seven Philanthropic Projects In Ocean And Coastal Conservation

1) Deutsche Bank Ocean Resilience Philanthropy Fund
Founder: Deutsche Bank Wealth Management
This Deutsche Bank fund was announced at COP26 in 2021 and launched in 2022. The fund enables philanthropists to engage with scientists on projects to counteract damage to ocean and coastal ecosystems by supporting projects that use nature-based, rather than man-made, solutions. An advisory council of expert scientists and Deutsche Bank personnel review and select grant recommendations for projects. The first such project, the Future Climate Coral Bank, managed by the non- profit Maldives Coral Institute, aims to identify corals that are resilient to bleaching caused by warming, and create a gene bank to support global reef restoration.

deutschewealth.com/oceanfund

2) Walton Family Foundation Oceans Initiative
Founder: Walton Family Foundation
Walmart founders Sam and Helen Walton knew all too well how much the earth’s waters contribute to their supermarket’s success, and the company’s foundation has sought to help ensure the health of the planet’s water for the future. Its Oceans Initiative is supporting 14 fisheries to adopt more sustainable practices, and has lobbied in Japan, the European Union and the United States to encourage buyers to purchase more sustainably sourced seafood. “We believe that the people closest to the problem are also critical to finding solutions,” says Teresa Ish, Head of the Walton Family Foundation Oceans Initiative.

waltonfamilyfoundation.org

Read more: Richard Spinrad on moving towards a blue planet

3) Salesforce ocean Sustainability Programme
Founder: Marc Benioff
Global cloud software company Salesforce has run its Ocean Sustainability programme since CEO Marc Benioff began it in 2021. At COP26, Salesforce committed to buying one million tons of blue carbon credits and is investing $100 million in grants to The Ocean Foundation, the National Fish and Wildlife Foundation and Wetlands International over 10 years – as well as investing in 1t.org, including a Guatemalan project to support sustainable livelihoods for 400 families. “Ocean health translates to the safety of our family, loved ones and communities around the globe, and the ability for them to thrive,” says Dr Whitney Johnston, Director of Ocean Sustainability at Salesforce.

salesforce.com

4) Common Seas
Founders: Filippos and Andonis Lemos
The Lemos brothers are Greek shipping magnates – so they are aware of the biodiversity beneath the ocean surface. And they are conscious of the impact that plastics entering our waters have on the wildlife within. To help combat this, the Lemos siblings co-founded and are major donors to Common Seas, whose vision is to eradicate plastic from the oceans. Common Seas’ collaborative initiatives include partnering with governments to reduce plastic pollution; helping the tourism industry reduce its plastic use; and supporting education providers both to make their schools plastic free and to raise awareness among young people of the importance of keeping our oceans clean of pollution.

commonseas.com

Common Seas incorporates education as part of their strategy to remove plastics from the oceans

5) Galapagos Life Fund
Founder: Pew Bertarelli Ocean Legacy Project
The Galápagos Life Fund (GLF) is one of the crowning achievements of the Pew Bertarelli Ocean Legacy Project, a joint initiative from the independent non-profit The Pew Charitable Trusts and investor and philanthropist Dona Bertarelli. It was set up with the shared goal of establishing the first generation of large, ecologically significant and effective marine- protected areas (MPAs) around the world. The GLF converts $1.6 billion in commercial debt into a loan, capitalised by a $656 million marine conservation-linked bond, generating more than $450 million to support marine conservation in the Galápagos Islands over the next 20 years.

pewtrusts.org/en

6) Cyclades Preservation Fund
Founder: Conservation Collective
Nearly 220 islets and islands make up the Cyclades in the Aegean, which are home to a range of natural habitats being harmed by modern life. The largely female-led team behind the Cyclades Preservation Fund is part of Conservation Collective, a global network of philanthropic funds helping to preserve the natural environment. CPF programmes focus on biodiversity, education, local identity and marine conservation – all with the participation of local stakeholders. Among its biggest wins is supporting the establishment of a grassroots fishing protected area around the island of Amorgos, sustaining a local industry while keeping the marine population healthy.

cycladespreservationfund.org

Cyclades Preservation Fund Supports the fishers of Amorgos towards their vision for seas with more fish and less plastic

7) Plastic Free Ibiza and Formentera
Founder: Ibiza Preservation
Ibiza is a major hub for tourism, which buoys up the economy but has significant environmental impacts. In the west coast, there are 4.5 million pieces of microplastics in every square kilometre of sea – 30 times more than elsewhere in the Mediterranean. Nearly three-quarters of the waste collected on Spanish Mediterranean beaches is plastic. Set up in 2018, Plastic Free Ibiza and Formentera, promoted by Ibiza Preservation, is made up of 14 main members including local non-profits, and aims to eliminate single-use plastic in the islands by supporting citizens, administrations and businesses to promote sustainable practices. Initiatives include the certification of local companies as plastic-free.

plasticfree.es/en

This article first appeared in the Deutsche Bank Supplement of the Autumn/Winter 2023/2024 issue of LUX magazine

The health of the world’s oceans is under threat. But the seas can be part of a visionary plan to address climate change and create a more sustainable economy. Andrew Saunders reports on the new science around ocean carbon capture

Photography by Matt Sharp

The power of plants to absorb excess carbon dioxide from the atmosphere as they grow is well understood as a vital tool in the global battle against climate change. But which of the planet’s myriad natural environments does it best? Tropical rainforest? African Savannah? Scottish peat bogs? None of the above – in fact the most carbon-rich ecosystem in the world is not to be found on land at all but in the ocean. Mangrove swamps, such as those found dotted around the coastlines of Indonesia, Brazil and Nigeria for example, are the unsung heroes of carbon storage, locking up no less than ten times as much carbon per kilometre square in their branches, roots and soils than even the densest forest.

Follow LUX on Instagram: luxthemagazine

Together with other coastal ecosystems, including sea-grass meadows, tidal marshlands and coral reefs, these so-called ‘blue carbon’ resources highlight that the oceans play a much more prominent role in limiting global warming than has been generally recognised.

“Building the ocean’s resilience to change and helping to rebuild marine-species abundance and diversity are not as fully appreciated as they should be as crucial tools in combating climate change, but there is more and more evidence that blue carbon plays a critical role in maintaining the health of our biosphere,” says Karen Sack, chief executive of Ocean Unite, an international network of experts in the science and ecology of the oceans.

Covering some 70 per cent of the planet’s surface, the oceans are effectively a huge carbon sink which has already absorbed around a third of the excess carbon that has been put into the atmosphere since the dawn of the industrial era. And more than 50 per cent of the carbon in the ocean is blue carbon, despite the fact that such environments account for only two per cent of the total ocean area. Protecting and enhancing them is at least as important as preserving forests, planting trees and rewilding on land, says Sack. “Mangroves, sea-grass beds, fish and marine mammals play a huge role in sequestering and storing carbon. By protecting and restoring these crucial habitats and species, more carbon will be sequestered and stored, resulting in a healthier planet, which is better for us all.”

Rock pools in Jersey

The carbon capture and storage potential of healthy oceans is not limited to coastal blue carbon zones alone, however. Other proposals for boosting the potential carbon sequestering of the world’s seas include encouraging kelp forests – essentially huge seaweed farms – and even microscopic algae called phytoplankton to extract carbon from the atmosphere as they grow.

Such initiatives could not only help climate change but also present new and potentially lucrative opportunities for business and investors, says Professor Ove Hoegh-Guldberg of the University of Queensland and a member of the High Level Panel for a Sustainable Ocean Economy. The panel’s landmark 2020 report, Ocean Solutions That Benefit People, Nature and the Economy, found that a truly sustainable ocean economy could contribute around a fifth of the total carbon reduction required to meet the 2015 Paris Agreement target of a maximum two degrees of climate warming.

Read more: LUX Editor-in-Chief Darius Sanai on Effective Climate Action

For example, some phytoplankton species can be a source of valuable low or even zero-carbon biofuels and other industrial products. “Some of my colleagues here in Queensland are working on this. Phytoplankton grow very quickly and they can be processed to produce biofuels and high-value boutique chemicals. It’s potentially very interesting but it still has to be proved at an industrial scale.”

The ocean economy could also help feed the world more sustainably – a study by the Institute for Marine and Antarctic Studies found that each kilo of fish landed in the US requires the emission of just 1.6kg of carbon dioxide, compared with between 50kg and 750kg for a kilo of beef produced on land. And if it can be done sustainably, large-scale ocean aquaculture has the potential added benefit of helping to protect and restore many wild-fish stocks threatened by over-fishing. “Well over half the world’s fisheries are in trouble,” says Hoegh-Guldberg, “because they have been fished down to well below sustainable levels.”

Rethinking the way we catch fish, so that sustainable aquaculture in the oceans becomes more equivalent to sustainable agriculture on land, could help stressed wild fisheries recover, he adds. “We are sophisticated farmers on land but we still have a basically Neolithic culture when it comes to fisheries.”

Creating such a climate-positive ocean economy will require a shift in the mindset of business in general and finance in particular to the point where the environmental impact of commercial activity is given equal weight to considerations of profit and loss, says Ocean Unite’s Sack. “Instead of viewing nature as an unaccounted externality that is not valued, the finance and business community more broadly needs to recognise its value, including the intrinsic value of biodiversity, and account for it. It can then take tried and tested financial products and put them to work with nature to build resilience and deliver bankable returns.”

Matt Sharp visited the Maldives in 2019 (above) where he recorded the extent of the pollution on the beaches

Stressing the urgency, she continues, “We’re at an ‘all hands on deck’ moment. By bringing together our collective knowledge and strengths, we can tackle hazards and vulnerabilities, build resilience and adapt to change at speed and at scale. But we have to have public and private sector financing to do that and partner across sectors to spur the type of innovative marketplace that is needed.”

So, nature and profit can co-exist in a sustainable and carbon-sequestering ocean economy. But what about technological solutions? As far back as the 1970s, Italian physicist Cesare Marchetti was the first to suggest injecting CO₂ directly into the Mediterranean to ameliorate global warming, and since then the oceans have been seen as part of a more tech-led – and more controversial – approach. Subsequent refinements of Marchetti’s original idea include pumping CO₂ captured from industrial plants into the sediment layer on the deep ocean floor. The pressure at such depth would liquefy the carbon dioxide, helping – in theory anyway – to keep it safely locked up, miles down in the mud.

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

Even set against the current scale of the climate crisis, this looks like last-ditch stuff, says Professor Stuart Haszeldine of the School of GeoSciences at Edinburgh University. “I would much prefer that we didn’t have to: it would be a last-resort type of measure, if we haven’t managed to re-capture our emissions in any other way.”

But all the same, less risky technological solutions may well have a place – and the ocean can be part of that, too. Haszeldine and his colleagues at Edinburgh have come up with an alternative plan that could see the ocean surface turned into a kind of giant mirror to reduce the heating effect of the sun. Autonomous, computer-controlled ships would suck up sea water and spray it into the air as fine droplets, forming a layer of mist to reflect sunlight and cool the waters beneath. “We should have started reducing our carbon dioxide emissions 30 years ago,” he says. “This would be a way of cooling the ocean quickly, to reduce the effects of hurricanes [also caused by rising sea temperatures] and of helping to refreeze the melting arctic ice.” The group is currently looking for funding for a trial project to turn its innovative idea into reality. “We could build a pilot boat for a few million, and if it works then building 300 of those to delay the climate problem is well within the capacity of the global shipbuilding industry.”

Spotted eagle rays in the seas around the islands in the Maldives

The ocean surface could also be a platform for renewable power generation, thanks to the developing technology of floating wind and solar farms, says Hoegh-Guldberg. “Our report concludes that there is enormous potential there, and it is both technologically feasible and acceptable to the public.”

So while the climate clock is ticking ever more loudly, there are grounds to be cautiously optimistic that an alliance between science, government and business will yet provide the framework, the finance and the innovative ideas required to keep global warming within just about tolerable limits, and that oceanic carbon capture and storage will play its full part in the process. In Hoegh-Guldberg’s view, “Government needs to set the rules to encourage science to define the problems and the solutions, but then it should be sitting back as business gets involved.”

Hoegh-Guldberg also warns that if we continue as we are, we will end up with a world that is three to four degrees warmer than the pre-industrial era. “So, it doesn’t look too good as it stands now. But humans are very resourceful and there are lots of opportunities. I think we will keep to under two degrees, though not by a lot. Transitions tend to happen very slowly at first; you have to push and push until you get to the inflection point. Then suddenly you’re rolling downhill on the other side.”

Matt Sharp was awarded the Ocean Conservation Photographer of the Year in 2020. He studied marine biology and has travelled and worked around the world, documenting marine life.

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

More and more luxury brands are pledging their commitment to protecting our planet by valuing environmental concerns as highly as their customer’s expectations. Leading the way in the luxury yachting industry, Fraser announced a partnership with Plastic Oceans Foundation earlier this year to fight the pollution of our marine environment whilst announcing new, adventurous charter destinations where their clients can experience the wonders of our natural planet first hand. As part of our luxury leaders series, Millie Walton speaks to Fraser CEO Raphael Sauleau about the evolution of the yachting industry, ethical luxury and adventures into the Antarctic.

Raphael Sauleau

LUX: How has the luxury yacht industry changed in recent years?
Raphael Sauleau: The industry has changed and developed in a number of ways; in terms of charter, clients are often leaving bookings until the last minute in the hope of getting a last minute deal, however this often leads to disappointment as their chosen yacht may already be chartered out so they have to settle for something else that is still available. In terms of sales, buyers are becoming a lot more savvy and price driven, since the financial crisis they always want to push to get the lowest possible price, however sellers are also very aware of what they’ve paid for the yacht and invested into it and now set much more realistic asking prices so there is less room for negotiation.

In terms of the yachts themselves there is now an increasing trend to be more environmentally friendly, both in terms of the materials used in the construction and to be more self-sufficient which in turn allows for longer cruising periods and particularly to reach more remote destinations. Due to developments in technology, designers are also able to create yachts that use more glass to allow more natural light in and more sophisticated doors and retracting walls that allow more indoor/outdoor spaces.

We have also seen an increasing number of small companies setting up, 1 or 2 people offering charter or brokerage services. They have low running costs and will often undercut some of the more well established companies but of course they can’t offer the same level of expertise and experience that a company like Fraser can.

Imagine. Courtesy of Fraser.

LUX: What are the expectations of the modern luxury traveller and how does that differ from the past?
Raphael Sauleau: This obviously varies by client but we have noticed an increase in people wanting to have unique experiences, create memories that they will treasure forever. Many clients no longer want to go and sit on their yacht anchored off St Tropez and visit all the local beach clubs (although this is still very popular), instead an increasing number would prefer to do something different that they haven’t done before or is done by very few people. This could be exploring a unique destination such as Antarctica or a unique cultural experience such as a Va’a, a traditional Tahitian welcome from locals on their outrigger canoe, or even just enjoying an action packed holiday in a more traditional location but with lots of adrenalin pumping toys.
In terms of service, the main difference we have noticed is the food on board, clients are a lot more health conscious and have more specific dietary requirements such as vegan, gluten-free or even raw food.

Read next: Supermodel and restauranteur, Alicia Rountree on home cooking and dressing up

LUX: How do you balance innovation and tradition?
Raphael Sauleau: We are proud of our heritage and the experience and knowledge that this represents however we are always looking for new ways to provide a better service to our clients. This could be anything from launching our new website which is more adapted to modern day browsing on mobiles, to being the first company to use Augmented Reality to promote our yachts and show potential clients what it’s really like to be on board. However innovation is not just about the latest technology, we’re also working on efforts to help the industry develop, such as improving regulations that are more suitable to yachting and protecting the marine environment so that we can be sure that the industry is protected and continues to grow for years to come.

LUX: What are the most popular charter destinations nowadays?
Raphael Sauleau: The Med and the Caribbean are still by far the most popular choices for charterers however we are seeing a steady increase in charterers wanting to explore Asia and the South Pacific as well as an interest in the Antarctic. There are some terrific cruising grounds in these regions and as yachts are being built to do more long distance cruising and be more self-sustainable these regions are becoming more and more accessible.

Hanse Explorer. Courtesy Fraser.

LUX: You’ve said before that ethics are important for Fraser, what does that mean?
Raphael Sauleau: We’re working in an industry with one of the most highly valuable products on the market today, there are very few things that can come close to the value of a superyacht. Due to the large sums of money involved and the lack of transparency in some areas of the business you occasionally hear of people who are too focused on just closing a deal, at whatever cost, or taking their own cut on services or products that are outsourced. At Fraser we pride ourselves on always putting our clients’ interests first, we want to find the best yacht for them, be it for sale or charter and we won’t push them towards something just so that we can close a deal. We also don’t take any commission on services or products ordered through our management division, the original price of the supplier is what the client will pay.

LUX: Can luxury ever be truly adventurous?
Raphael Sauleau: Absolutely, I think if you speak to anyone that has been to Antarctica or a remote South Pacific island they will say that it was one of their greatest adventures. Admittedly you might have to go ashore to experience the real adrenalin pumping encounters with some of the local wildlife but it is still an adventure to be experienced before you return back to the comforts of your luxury yacht.

Paraffin. Courtesy Fraser.

LUX: How would you define an exclusive experience?
Raphael Sauleau: An exclusive experience is one that very few people can take part in; many people would say that owning or chartering a yacht is an exclusive experience and I would have to say I would agree. However it can also be an experience that money can’t buy, a special moment that you cannot buy off the shelf. We’ve organized for clients to be whisked by helicopter to the top of a glacier where they can enjoy a private 5* lunch with the most incredible views imaginable, or another very popular activity on our charters is being taken out by a local Greek fisherman in his little fishing boat on the most pristine clear waters to catch your dinner for the evening. Whatever it is, the overriding common factor in an exclusive experience is that it will create a unique memory that you and your family or friends will treasure for a life time.

Read next: Sushi Shop brings fine dining to takeaway casual

LUX: What’s next for Fraser?
Raphael Sauleau: We’re currently working on a number of new initiative such as our partnership with Plastic Oceans, many of us (including our clients) are realising that the oceans we cruise on are becoming increasingly damaged and we want to make sure that they are protected and there for us to enjoy for years to come. As we mentioned before we’re also working on some initiatives to help make the industry more transparent and regulated, we have a vast amount of knowledge gathered over the last seventy years and we want to make sure that we lead the way for the industry to grow and develop further. And of course there are some other projects and partnerships that we’re working on which we’ll be announcing over the coming months but unfortunately I can’t say anything further at this stage.

Mystic Tide. Courtesy Fraser.

LUX: How do you relax?
Raphael Sauleau: Aside from spending time with my wife and daughters I’m a keen sportsman and regularly compete in Triathlons and Ironman competitions. Training and taking part in these endurance races is a great way for me to switch off from the every day juggling act of managing one of the world’s leading yacht brokerages. However when I want to do something a little more relaxing there’s nothing better than picking up a good book and listening to some chilled out music

fraseryachts.com