Marcus Eriksen is at the cutting edge of research and raising awareness about the interaction between natural ocean phenomena with microplastic pollution. Trudy Ross speaks with him about the issues, challenges and possible solutions.

LUX: What inspired you to start 5 Gyres and dedicate your work to addressing plastic pollution in our oceans?

Markus Eriksen: In 2003, I made good on a promise to myself to one day raft the Mississippi river. I grew up near the river, and always dreamed of doing that, but when I did, I saw an unending trail of plastic pollution, flowing down America’s greatest watershed out to sea. Within a month of returning from the river, I landed a job working with Captain Charles Moore, the man who discovered the great Pacific garbage patch. Three years later, I proposed to my wife Anna Cummins while we were aboard Captain Moore’s research vessel in the middle of the north pacific garbage patch. From there, Anna and I began the 5 Gyres Institute with the goal of researching the world’s oceans to answer some big questions. How much trash is in the global ocean, where is it accumulating, what is the impact on other living things, and what can we do about it?

LUX: Could you explain what gyres are and how they relate to the issue of plastic pollution?

ME: Oceanic Gyres are normal features of the ocean defined by large-scale circulating currents. There are 11 oceanic gyres, with five of them being the subtropical gyres. That’s where floating plastic trash accumulates. The currents are driven by wind, and in the northern hemisphere they rotate clockwise, while in the southern hemisphere they rotate counterclockwise. The subtropical gyres create high-pressure systems in the middle, where the wind and waves slow down and trash accumulates. Those are what we call the garbage patches, but I would call them a Plastic Smog instead.

LUX: You have done an enormous amount of work combating the use of microbeads. Can you tell us more about this and why it is such a crucial part of your mission?

ME: In 2012, I worked with a colleague, Sherri Mason, to document floating plastics in the great lakes. What we found were abundant microbeads, which was the first evidence of microbeads documented in aquatic habitats. The publish paper became the foundation for a national campaign to rid consumer products of microbeads. We work with dozens of organizations, sharing videos, photos and press releases. We worked with Tulane law school in New Orleans to produce sample federal legislation to ban microbeads. Soon we got two senators to put a federal bill in front of President Obama, which he signed into law the 2015 Microbead-free Waters Act. We went from science to a policy solution in two years. This provided a great example for everyone worldwide about how powerful we can be when we work together toward a single goal. That successful campaign still gets referenced today as we work to eliminate single-use plastics everywhere.

LUX: You recently published a study revealing a global estimate for plastic in the oceans. How did you go about conducting this research and what did you find?

ME: We published this study in early April that identified 170 trillion particles of microplastics in the global ocean. It was a 40 year trend analysis which showed an exponential increase of plastic in the ocean since 2005. This is largely due to the fragmentation of new and older plastic items, the introduction of over 5,000,000,000 tons of new plastic in the last 15 years, And an unfortunate trend in very weak international policies to address the problem. The most recent policies of the last few decades have been voluntary and focused on recycling and Cleanup. Policies back in the 70s and 80s were more preventative in nature and they were legally binding. Right now we are working hard to ensure that the current debate about the UN global treaty on plastic kind pollution is about prevention and will be legally binding. We can’t have a weak international treaty.

To answer your question about how we did this research, we combined all of our data of sea surface sampling over the last decade with every other publicly available data on the planet. We then used our oceanographic models to extrapolate the data to the broader ocean environment. This gave us plastic particle abundance estimates per ocean basin, and collectively the whole planet.

Each data point is collected by dragging a net across the ocean surface for a specific distance, using a net with a known width. That gives you a particle count per unit area. That becomes the data that we used to feed our ocean graphic models. The fun part is that we get to sail around the world to collect this data.

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LUX: How can we ensure we are holding companies and producers responsible for their contribution to the problem?

ME: This gets very tricky. We need smart international policies that are preventative in nature, and embrace something called extended producer responsibility (EPR). EPR is about holding product and packaging manufacturers, responsible for the entire lifecycle of what they make. That means setting design standards so that items are easily dismantled and easily recyclable, and it also means keeping Plastic out of packaging as much as possible.

One big part of EPR is ensuring that manufacturers are using recycled plastic when they do. Right now recycling fails worldwide because manufacturers are not obligated to use recycled materials. Because virgin plastic is so cheap, no one buys recycled plastic in huge volumes. This is why recycling United States covers at less than 10%. It’s a system that is not set up for economic success. While corporations like to boast about the technical recyclability of what they make, they avoid discussion of the economic reality of making a recycling successful. To solve this problem, we would need smart legislation that requires a high percent of post – consumer recycle plastic used in all new products.

LUX: What does it mean for a plastic to be biodegradable? If I buy food in biodegradable plastic packaging, am I still contributing to the problem?

ME: Yes and no. The issue of bioplastics has become quite confusing, with some false advertising and misleading uses of terminology. First, bio-based and biodegradable packaging are very different materials. Bio-based simply means you are taking modern plants to make conventional plastics, like polyethylene and polypropylene, instead of using fossil fuels. It’s the same stuff. Biodegradable plastics are very different, but the word biodegradable means different things for different people.

Polylactic acid, or PLA, is a common form of biodegradable plastic, and has been advertised to be biodegradable by many packaging manufacturers. Most of the time it is labeled as compostable, but in the fine print states that it’s only compostable in an industrial composting facility, not in your backyard or on the side of the road. But in reality, industrial composting facilities are now rejecting PLA, because your it is not biodegrade in a meaningful time frame. Industrial composting facilities, make their money from selling compost, and PLA contaminates their compost. Unfortunately, industrial composting facilities are now rejecting every type of biodegradable plastic on the market, but things have changed.

There is a novel type of biodegradable plastic called PHA and PHB, which actually do degrade quickly, but only if they are in a thin film form. This is important because in our research we have found that thick items, like the handle on a biodegradable plastic fork, can stick around for more than a year. But, a thin film made from PHA or PHB will degrade in a couple of months in a rich composting environment.

In our recent study, we put 22 different products made from biodegradable materials into six different settings and tested their degradation over a year and a half. We were really impressed with some of the new thin film packaging that’s available.

LUX: Can you tell us about your TrashBlitz project and what you are hoping this will achieve?

ME: Trash blitz is a program that works with cities to survey their entire region to get a good idea of what kind of plastic packaging are the biggest pollutants. We give the cities the data, put together in a nice report, which they can use to present to their city Council or local plastic manufacturers. That data allows them to address plastic pollution locally. We’ve done this in many cities, like Denver, Colorado, and Austin, Texas, and most recently we did this in national parks. In each case we provide the data they can use.

Interestingly, we find that most cities have the same list of top 10 types of packaging that are the biggest polluters, like cigarette butts, bags, straws, cup, lids, bottle caps, etc.…. We hope that this bigger picture view of the biggest polluters can affect national legislative policies to illuminate single use plastics.

LUX: You mention having a solution-based approach at 5 Gyres. What are the most important solutions to plastic pollution we need to be looking at as a society right now?

ME: We favor smart legislative policies. What seems to always work is when the private sector and political leadership work together on preventative solutions. This might mean getting rid of single-use plastics, like the way school districts are getting rid of Styrofoam trays in their cafeterias. We’re also seeing cities eliminate plastic straws, plastic bags, and cutlery from local restaurants.

We also favor innovators and entrepreneurs that discover new materials, new ways of designing products and packaging without plastic, and novel business practices that show how a reuse economy can work. There are some interesting new Bioplastic materials that I think can be a replacement for many thin film applications. We are also seeing some novel, business practices, like the company “Vessel” that provides stainless steel coffee mugs and beer cups that a city can circulate through different restaurants in coffee shops.

LUX: You have said that you are hopeful that plastic pollution is a problem we can solve. Do you ever find yourself losing hope or being disheartened working on these issues?

ME: Overall, I am more optimistic pessimistic, because I meet so many young, innovators and entrepreneurs. They’re trying to make solutions work.

I feel pessimistic sometimes when I see how much effort the polluters put into fighting legislation and resisting changing their packaging, products and business models. They are happy to saddle cities with the cost of managing wasteful forms of packaging. They will spend many millions on consultants, lobbyist, and PR campaigns to unravel the work of the many nonprofits trying to find solutions.

LUX: Will we ever live in a plastic free world?

ME: We will, if we want to. What I know is that the plastic out in the world today will likely be buried and become a permanent fixture of the geologic record. If we can focus on stopping to add more plastic trash to the world, then nature will in time bury at all.

We may never be a plastic, free world, because the material is useful in many applications. It’s used in many industries, technologies, makes cars and airplanes, more lightweight and efficient, but it is the single-used plastic problem that we need to address right away.

https://www.marcuseriksen.com/education

Online Editor: Isabel Phillips

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.

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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

Alice Audouin at the Art of Change 21 office

The Paris-based polymath has spent nearly 20 years enabling an ecosystem in which art and environmental concerns meet in meaningful and magical ways. Alice Audouin tells LUX about supporting a new generation of artists who invite us to consider nature via work of intense imagination. Interview by Anne-Pierre d’Albis Ganem

LUX: How would you describe yourself?
Alice Audouin: I work in contemporary art and sustainability as a curator and consultant. I’m also chair and founder of the not-for-profit organisation, Art of Change 21, which supports emerging eco-conscious artists via exhibitions and prizes. We bring artists to each COP conference; for COP26 in Glasgow, 2021, John Gerrard created Flare, about the ocean burning.

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LUX: What are you up to as a curator?
AA: In September 2022, I curated an exhibition in Brussels at the Patinoire Royale Galerie Valérie Bach, connecting art and environmental issues, and a major show of Lucy + Jorge Orta, marking their 30-year anniversary. My last show was ‘Biocenosis 21’ in Marseille. We showed 14 global artists at the world’s biggest biodiversity meeting.

Views of ‘Novacène’, Lille, 2022

LUX: And there is the superbly titled ‘Novacène’.
AA: Novacene is a book by the late James Lovelock, the scientist who proposed the Gaia hypothesis, which was the first time scientists had said Earth is a kind of living creature. We were inspired by his predicted utopia of the Novacene, a new era of cooperation between nature and human, aided by technology. It follows the current geological era, the Anthropocene, during which human activity has changed the climate. We have created a group exhibition that runs till 2 October at the Gare Saint Sauveur, Lille. Our 20 artists include Julian Charrière, Otobong Nkanga and Zheng Bo. ‘Novacène’ looks at ideas in technology, interspecies relationships, energy and agriculture – a kind of new world I designed with my co-creator, Jean-Max Colard.

LUX: You also contributed to Art Paris 2022.
AA: I was invited to be a guest curator on art and the environment. It was a chance to show how, for the new generation of artists, the eco crisis is not just a theme but part of their world.

LUX: Was this momentum there when you began?
AA: I started my work in 2004 at UNESCO with ‘The Artist as a Stakeholder’, so I’ve been doing this work for 18 years. When I began I had 100 artists and it was difficult to find artists who considered global or environmental issues, but now I have 2,500 artists in my database. I was in a position to witness change, which I think came to the art market maybe five years ago.

Alice Audouin with curator Alfred Pacquement at the Art Paris Art Fair, 2022

LUX: What is the artist’s role in the eco crisis?
AA: I don’t like to say artists should have a role. Their role is to be artists. But many conceptual artists, or artists who deal with their epoch, will cross environmental issues. Of these, many like to bring awareness, even solutions. Lucy + Jorge Orta purified water in Venice, pushing the idea of art with pieces that propose solutions. When they sell a drawing about the Amazon, the collector receives a certificate of a kind of moral ownership of 1sq m of forest. So they consider biodiversity as well as buying a drawing.

LUX: The artists involve people.
AA: Helping us think about our era – how we consume, our relation with time, resources, values, geopolitics – is very big now. Noémie Goudal works with paleoclimatology and proposes we reconnect our short individual time on Earth with long geological time. That’s important, because her art is also one solution to our relationship with nature.

LUX: Should artists not use plastic?
AA: We will see a revolution in materials. Tomás Saraceno, Gary Hume and our patron Olafur Eliasson are finding solutions to making – and moving – art. In-situ production is growing, too. For ‘Novacène’, two artists in Asia with complex installations gave us guidelines and we made them by distance. But I want to add caveats: if we over-reduce the means of artists’ production we will just have dead wood from a forest. If you say concrete is bad let’s drop it, you lose works. So we are in a transition period, as we look for green alternatives.

Views of ‘Novacène’, Lille, 2022

LUX: Tell us about biomimicry.
AA: It’s the idea nature provides and inspires. New art materials, such as mycelium mushrooms and algae, come from biomimicry. Chloé Jeanne, a laureate of the 2021 art prize I did with Ruinart, creates eco materials that are a kind of living creature. It involves the idea of care that, again, a collector continues. Eco design further explores how to create not only from the living but with the living. Tomás Saraceno’s Hybrid Web sculptures, for example, are co-created with spiders; Olafur Eliasson talks of interconnection. Many artists’ utopia now is not to work alone and compete, but to be together to create and cooperate.

Read more: Artist Precious Okoyomon on Nature & Creativity 

LUX: When did your interest begin?
AA: I was far from nature as a child, and I studied art history and interned at a gallery. But then I studied environmental economics, after which I was hired by a bank for a sustainability project. They talked of stakeholders, and I thought why don’t you talk of artists as such? I knew climate change was huge and I believed it would manifest in contemporary art. And it did.

Find out more: artofchange21.com

This article first appeared in the Autumn/Winter 2022/23 issue of LUX

Is it possible to make money out of our oceans while preserving and even enhancing them? Chris Gorell Barnes thinks so. The Co-founder of Ocean 14 Capital and Blue Marine Foundation speaks to LUX Editor-in-Chief, Darius Sanai about the possibilities in the blue economy

LUX: What is the focus of Blue Marine Foundation going forwards?
Chris Gorell Barnes: The focus is on stopping overfishing – which is undoubtedly one of the worst threats to the ocean. Restoring, regenerating and protecting the oceans and creating large scale Marine Protected areas, all done through innovations and an agile and entrepreneurial approach to conservation.

LUX: How has the foundation succeeded in capturing the public’s imagination where other groups have failed?
CGB: Through actually delivering successful conservation wins and first-of-its-kind innovations for the oceans, and incredible marketing, media and editorial work. (We have a journalist, a filmmaker and a marketer as Co-founders!)

LUX: How important has your background in marketing and content been for Blue Marine Foundation?
CGB: It’s been helpful, coupled with my co-founders’ skills. From the start, we were way ahead with our social media and content approach and have built an incredible media unit to use media to drive significant conservation wins. The film, The End of the Line is in our DNA.

LUX: How do you persuade corporations to modify their environmental practices?
CGB: By enabling and educating them on the key role the ocean plays in mitigating the climate crisis and feeding the world.

LUX: Are there wealthy individuals who donate with one hand while their investments pollute with the other? What should they do?
CGB: We are very careful with KYC and our donors all share our values and mission alignment.

LUX: What is the highest priority for ocean protection as far as the foundation is concerned?
CGB: End overfishing and ensure 30% of the ocean is fully protected, with the remaining 70% sustainably managed.

Arlo Brady, with Ambassadors of Blue Marine Foundation, Princess Eugenie of York and James Blunt

LUX: You have drawn extensively on celebrity ambassadors for the foundation. Who has done the best job for you, and why?
CGB: From Prince Albert II of Monaco to Simon Le Bon to James Blunt, they have all been incredibly supportive with our initiatives all over the world. And of course Stephen Fry, who narrated the incredible interactive tool we built, The Sea We Breathe. We have also been very smart with brand collaborations such as Christopher Ward, Sunseeker, Moke, Kenzo, and Ralph Lauren.

LUX: It’s 2050: what do you think the oceans will look like?
CGB: I hope that they are thriving: protected, restored, functioning and full of life, ensuring we have a healthy planet and bringing employment, healthy sustainable food and joy to all.

LUX: What and where is the biggest environmental tragedy in our oceans right now?
CGB: Illegal Unregulated and Unreported (IUU) fishing is happening all over the world, destroying ecosystems and stealing fish from the most disadvantaged citizens on the planet.

LUX: How would you explain to an intelligent but distracted business leader that the loss of a seemingly trivial marine ecosystem can have a fundamental effect on people on the other side of the world?
CGB: The ocean connects and carries everything. It is the life source of our planet, providing half the oxygen we breathe and absorbing half the carbon we produce. It also plays a key role in feeding three billion people. We need to protect it everywhere.

LUX: Where does the blame lie for overfishing – consumers, business, or governments?
CGB: The blame is with governments and business. Governments need to stop the ridiculous $22 billion worth of subsidies aiding overfishing; and businesses need to create absolute transparency of the supply chain.

LUX: Why did you start Ocean 14 Capital?
CGB: We launched the Ocean 14 fund as it was clear that there was a huge need to build the conduit for capital looking at the blue economy. We believe that it is driving necessary positive impact on the ocean and making significant returns for the fund’s investors. Philanthropy is doing an incredible job but we need to attract institutional capital in order to transform the blue economy and this will only come if we create sophisticated impact investment vehicles like the Ocean 14 fund. If we do not create a sustainable and regenerative blue economy, we have zero chance of solving the crisis in the ocean and therefore protecting humanity – this is the most important investment thesis of our time.

LUX: The term ‘impact investment’ can be meaningless. Why is it not in your case?
Chris asked co-founder George Duffield to write the below response.
Because impact is in our DNA. We have spent more than a decade learning how to save the ocean. We work at a company level to build specific impact pathways, that are scientifically accurate and rigorously measured. Only then do we follow those pathways out to high level SDG 14 level goals. In other words, we work from detailed facts, not high-level assumptions. Impact is science, not goodwill.

Ambassador of Blue Marine Foundation, Poppy Delevigne

LUX: What specific types of companies are you planning to invest in and why will they make a difference?
CGB: The fund’s investment strategy is focussed on ensuring food security and protecting and restoring marine ecosystems. The fund recently closed two transactions: SyAqua is a leading technology and genetics company for shrimp aquaculture, and will help transform the industry to be much more efficient and sustainable. The other company is called AION, who have created a whole new operating model for managing plastics inventory, called Circularity as a Service. This business aims to transform how plastic is managed in big industry – stop plastic entering the ocean and take plastic out of the ocean. We believe that all of the fund’s investments should deliver great returns for our investors and have a positive impact on the ocean.

A man climbing on to a fishing boat from the sea

LUX: Blue finance is still maturing. How can investors be sure that sustainability projects will provide the scale and return they are seeking?
CGB: There is no trade off – we believe it is a win-win. We have the total convergence of drivers in the blue economy – the most valuable companies will be the most sustainable and impactful.

LUX: Why is blue economy investment so underserved currently, and will that change?
CGB: LIke marine conservation, when we started Blue Marine, the blue economy was very misunderstood and overlooked. Governments and businesses have been slow to realise the enormity of the problem and investors have missed the enormous opportunity. But the blue economy is now getting the attention it needs.

LUX: What will the blue economy look like in five years’ time?
CGB: In 5 years’ time, the blue economy will have matured. Ocean14 plans to launch a larger fund which aims to attract the large institutional investors we need to support the transformation of the blue economy. We believe there will be more funds in the space, and there will be more sophisticated securitisation vehicles for blue carbon and nature-based solutions.

LUX: Do you fear blue washing, and what can be done about it?
CGB: We need to be vigilant, but what we have created is the most sophisticated impact measurement and reporting platform in the blue economy. We need to create and standardise this approach so there is clarity and transparency of what a true impactful business looks like in the blue economy. Then blue washing will have nowhere to hide. There will always be bad actors in the global economy who try to conceal various sins with blue/green washing. But Blue Marine and Ocean 14 are very alert to it, and with the right KYC and due diligence it has no place in our work.

Find out more: 

ocean14capital.com

bluemarinefoundation.com

The Lisbon Oceanarium, Europe’s largest informational and educational space on the oceans, is operated by a foundation launched by Portugal’s Dos Santos family. Image by Paulo Maxim

Claudio de Sanctis, the new Global Head of Wealth Management at Deutsche Bank, has been passionate about the oceans since he was young. He now sees the blue economy – the sustainable use of ocean resources for economic growth – as a major and necessary target for investments. LUX speaks with him to discover why

DEUTSCHE BANK WEALTH MANAGEMENT x LUX

Claudio de Sanctis

LUX: How did your interest in ocean conservation arise?
Claudio de Sanctis: It’s something that goes back to my childhood. I was brought up in Italy and school summers there are very long. I spent a good portion of that time in the water snorkelling and skin diving in the Mediterranean and I developed an incredibly strong connection to the sea and the life in it. You carry forward that passion for animals and life in the sea; and then, if you are 47 as I am now and you are still spending your holidays diving in the sea with your family, you witness first-hand the changes that have gone on. You have this passion, you have witnessed this crisis, and there is a part of you that says something needs to be done.

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LUX: You have personally noticed the environmental changes in the sea?
Claudio de Sanctis: One hundred per cent. If you don’t dive or spend time underwater, the ocean may seem like a beautiful, big, blue expanse and it’s difficult to perceive how it’s changing; it looks as beautiful now as it did 50 years ago. But if you do actually spend time underwater, you then notice that the Mediterranean, for example, has changed dramatically. In the past 40 years, plastic has replaced fish. There were previously a lot of fish, and now there are far fewer and plastic is popping up more and more so it’s now almost impossible to get underwater without seeing a large amount. Also, tropical fish are being seen in Greece, for example, which is a concern as it suggests a very significant change in temperature. If you go to the tropics, the situation is very similar. I have less than 20 years’ experience diving in the tropics, but even in that time, the situation has deteriorated and reefs have disappeared.

LUX: And this is what inspired your focus on the blue economy, which includes ocean conservation and much more besides.
Claudio de Sanctis: That’s correct. There are two fundamental beliefs informing this. One is that institutions such as Deutsche Bank have a fantastic history, if you realise that, for example, we have invested in young artists for the past 40 years for no other reason than social responsibility. While we are a business for profit, doing things because they are relevant and important for the societies we operate in, and because it’s right to be doing them, is important. In that context, we try to do things that are relevant to our clients. I meet clients on a daily basis and more often than not, the discussion will turn to conservation and particularly ocean conservation, and the strongest message I get is one of interest and one of alarm. “How can I help?”, they ask. And that’s how the blue economy comes into play because I believe that the best way to protect the sea is actually to explain to everybody the extraordinary sustainable, long-term economic value it has. There is a lot we need to explain to the world, such as the fact that we breathe because of the ocean; if we damage the ocean beyond a certain point, we won’t be able to breathe air any more. This is very much where education comes into play. And if you understand how the ocean can produce long-term economic development for low-income, underdeveloped countries, that is very relevant. If it’s properly harnessed, the blue-economy potential for a country such as Indonesia is extraordinary. It can lift hundreds of millions of people out of poverty and give them long-term prospects.

LUX: Are there increasing investment opportunities for the blue economy?
Claudio de Sanctis: There are, but there is so much more to be done, which is why the conference we are holding is so interesting. At the moment it is a very thin market but you essentially have three main drivers. The first one is very wealthy families who set up dedicated foundations, which in turn invest long term in ocean conservation and the blue economy. In that space, education plays a massive role. Secondly, if you don’t want to have a dedicated foundation then you can invest in financial instruments. There are more and more liquid financial instruments starting with blue bonds that allow you to contribute capital with a certain degree of return in order to help these underlying themes. The last element that we need to develop is investing directly in companies as more start up with a blue economy angle.

LUX: Will the blue economy become more important within environmental, social and governance (ESG) investing in general?
Claudio de Sanctis: That’s a very good question. My view is that when it comes to ESG, there is no need to put different sub-themes within ESG into competition. There is so much need for more across the board. I can say that interest in ocean conservation and the blue economy is growing exponentially and the awareness of it is growing extraordinarily fast because it’s tied to very important problems. I mean, science has now led us to understand that the oxygen for two breaths in every three comes from the sea, which is something that, five to ten years ago, very few people knew. So if you pollute the sea to a point that that sort of oxygen production slows down, you have a huge problem, because we’re not going to be replanting a lot of forest in the next 50 years. And planting forest takes a long time. Most of the ESG themes are fundamentally interlinked. For example, ocean conservation, blue economy and climate change all interlock.

Read more: Fashion designer Kevin Germanier’s sustainable glamour

LUX: Do companies who may believe they are not responsible for, say, ocean degradation because they are based far from the sea, need to be made aware of this interlocking, that the ocean is relevant to them?
Claudio de Sanctis: That is a very fundamental point. Awareness is everything and in my view, the awareness we need to create is not so much in the companies as in the end consumer. Everybody needs to understand the relevance of this resource, that the ocean is deteriorating and what the consequences of this are. And then on the positive side, what are the opportunities we can extract from the sea if we actually manage it properly? When we talk of the problem of plastic in the oceans, everyone thinks of the poor albatross found with plastic in its stomach, which is a significant problem. It’s an easier problem to grasp than microplastics, which are less visible. But while plastic bottle and bag waste affects marine mammals and sea birds, it is microplastics that affect fish. And the biggest polluting factor in the plastic problem is our clothing. Every time we wash our clothes in a washing machine, particularly anything that has plastic fibres, we release microplastics into the ocean. This is just an example, and this is why we need education, because there is so much more that we need to know and that we need consumers to know because it is they who ultimately drive politicians and purchasing.

LUX: What would you like to achieve through your blue economy programme?
Claudio de Sanctis: In our business we talk to a number of very significant families about what it means to actually have positive impact. So even if we help a few of these families be more aware of the problems and solutions, that is already gratifying for me personally in terms of helping the cause. From a Deutsche Bank point of view, my aspiration is that in the next two to three years when Wealth Management clients think about oceans, they think about ocean conservation and economic development tied to that. And then they think of Deutsche Bank and pick up the phone and speak to their banker here.

Find out more: deutschewealth.com

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