Monaco Ocean Week: Prince Albert launches ReOcean Fund to encourage private investors to save the oceans

Prince Albert, his Foundation and Monaco Asset Management have officially launched the ReOcean Fund, an initiative that targets private investment for innovative, high-impact solutions for the ocean, because “philanthropy is simply not enough”.

It was in the presence of HSH Prince Albert II of Monaco on Tuesday 21st March that the ReOcean Fund was launched during Monaco Ocean Week.

“There are very few tasks as vast, complex, overwhelming and yet as urgent as the ones we are dealing with here: to save the Ocean,” said Prince Albert. “The Ocean needs us, and it needs you.”

The ReOcean Fund will funnel €100 million over 10 years to the United Nations Sustainable Development Goal 14 ‘Life Below Water’, which aims to catalyse the next generation of ocean innovations to support the transition towards a net-zero, regenerative and more equitable economy.

“The creation of the ReOcean fund is in line with the efforts undertaken for many years by the Prince Albert II of Monaco Foundation to promote the most innovative companies that have an impact on the safeguard of life below water,” said Olivier Wenden, CEO of the Prince Albert II of Monaco Foundation, during the launch.

Finding innovative solutions for the Ocean 

The ReOcean Fund has four aims: reduce key sources of pollution in the ocean; transform the way we produce blue food and travel across the ocean; protect marine ecosystems and the critical services they provide; and inform and equip ocean stakeholders with robust and transparent data.

The fund will support early but proven innovations, focusing on Series A and B. It aims to leverage networks in and around Monaco to identify opportunities to deploy or platform solutions.

Philanthropy is not enough

The ReOcean Fund aims to attract private investors to inject funds into projects selected by a committee composed of experts in the environmental and investment fields.

“Philanthropy plays a key role in filling the gaps, but it is not enough to meet the immense challenges of the Oceans,” said Olivier Wenden. “In 2019, only $10 billion of the estimated $175 billion needed was invested in active solutions to protect the seas and oceans. That’s why we must intensify and accelerate existing solutions and to do this, we need the private sector.”

The rise of the Blue Economy

According to Anthony Torriani, Managing Director of Monaco Asset Management, the Blue Economy is the fastest growing sector of investment, with more than 2,000 start-ups initiated in 2021 alone. That was double the figure of 2019, a fact that should be resonating with potential investors.

 

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Photo source: Prince Albert II of Monaco Foundation

 

 

 

Monaco Ocean Week: World-first report into life cycle of plastics delivers shocking results

The first ever comprehensive report on the impacts of plastic on human health at every stage of its life cycle has been revealed during Monaco Ocean Week. The next step: to put a global cap on plastic production.

The Minderoo-Monaco Commission, made up of world-leading researchers in the fields of healthcare, the ocean and the environment, have collaborated to present the most detailed analysis of its kind ever seen.

The overwhelming conclusion is that plastic causes premature death at every stage of its life cycle, from production to use and disposal.

“99% of plastics are made from fossil fuels – coal, oil and gas – which I don’t think most people realise,” Professor Phillip Landrigan, Director of the Global Observatory on Planetary Health at Boston College, tells Monaco Life.

“When we did this analysis, we looked at the health hazards of plastic, starting with the extraction of the fossil fuels, the conversion of the fossil fuels into plastic, which uses very complicated chemical processes, the use of plastic and then ultimately its disposal as plastic waste. There are health hazards at every stage of that progression and we try to trace them out, and that’s what’s really unique about this report.”

Plastic production

Current figures show that 10,500 chemicals are used to make plastic today, while a third of all plastic produced each year is single use. Looking to the future, the largest increases in plastic usage is anticipated in the emerging economies of sub-Saharan Africa and Asia. As a result, there could be as much as 256 mega tonnes of mismanaged waste by 2060, a fact that paints a terrifying picture.

Recycling is not the only answer

Despite popular belief, only 9% of plastic waste is recycled today. But even that comes with mortal danger to human health. Chemical additives in plastics can be released during the recycling and recovery processes, and leach out of products made from recycled plastics. In fact, more dangerous chemicals are found in recycled plastics than “virgin” plastics.

“Most people are very conscientious about recycling, we’re accustomed to doing it. But unlike glass and aluminium, for example, which has a recycling rate of around 85%, only 9% of plastic is recycled,” explains Prof. Landrigan. “It’s because the recycling organisations can’t do anything with it. There are many different types of plastic and it’s impossible to sort them, but an even larger problem is that plastics are made of more than 10,000 chemicals – some cause cancer, some can cause birth defects in babies, some can cause brain damage and disrupt the functioning of the endocrine system – and because plastic waste contains all of these nasty materials, you can’t just recycle it and then put it back into food packaging, clothing or a child’s toy.”

Plastic leakage

While plastic waste is easily identifiable in the environment, plastic leakage is less so. The report found that plastic leakage occurs at every stage of its life cycle. During production, plastic resin pellets and powders are unintentionally released into the environment during manufacture, transport, loading, storage, use and recycling.

While in use, macro- and microplastics leak into the environment primarily through road transport, paint and litter.

At the disposal stage, plastics leak into the environment in a number of ways, including incineration, wastewater sludge, uncontrolled landfill dumps and mechanical recycling.

Impact on oceans

The presence of plastics in the ocean and their impact have been documented for decades, with estimates of around nine to 23 mega tonnes of plastics being dumped in the ocean each year. It’s a shocking statistic when you consider that a plastic bag, for example, can take up to 2,500 years to break down, and PVC pipes 500 years.

Meanwhile, microplastics have been found in over 1,200 marine species, including seafood species consumed by humans.

Yet despite a significant head start, the Commission’s findings reveal a greater need for better measurement and monitoring of the effects of plastic chemicals on marine species, and the authors also uncover a major knowledge gap concerning the ingestion of micro- and nano-plastic particles (MNPs).

Dr Hervé Raps, Physician Delegate for Research at Centre Scientifique de Monaco, emphasises the need to fully understand the impacts of marine plastic pollution.

“Plastic waste endangers the ocean ecosystems upon which all humanity depends for food, oxygen, livelihood and well-being,” says Dr. Raps. “Despite evidence suggesting consumption of seafood is not a major pathway for transfer of plastic to humans, we are seeing an increase in macro and micro-plastic particles being identified in hundreds of marine species, including those consumed by humans. And alongside the new findings of this report, linking toxic chemicals to human harms, this is not the time to slow down our understanding of the ocean – the lungs of the Earth.”

Health impacts of plastic

For those involved in the production of plastic, the health impacts are numerous: lung cancer, brain cancer, breast cancer and decreased fertility, to name a few.

For the “fenceline communities” impacted by fracking, a controversial process of retrieving fossil fuels to make plastic, the health impacts include asthma, premature birth, cardiovascular disease and mental health problems.

For users of plastics, which is almost every human being on the planet, the leaching of chemical additives has been scientifically proven to cause neurological disorders, birth defects, cancer, renal disease, decreased fertility, obesity and many more.

The health costs of plastic

To measure the economic impact of plastics on human health, the commission partnered with economists and developed an estimate of costs. Among its conclusions: that deaths from exposure to plastics, its impact on IQ loss and intellectual ability, and the role it plays in causing heart disease and strokes, costs the United States government $920 billion a year. Due to a lack of quantifiable data, this figure doesn’t even take into consideration the ingestion of plastics through the food chain or the inhalation of plastic particles.

What does the Commission recommend?

Prof. Phillip Landrigan has spent a lifetime studying the effects of harmful chemicals on children’s brain development and neurological systems, and is particularly concerned about the lack of progress made by regulators.

“Very few details about the identity, chemical makeup and potential toxicity of plastic chemicals are disclosed by plastic producers, and in most countries, they are under no legal obligation to do so,” says Prof. Landgrigan.

The Minderoo-Monaco Commission is recommending the establishment of health-protective standards for plastic chemicals under the Global Plastics Treaty, requiring the testing of all polymers (the “backbones” of chemicals) and plastic chemicals for toxicity before entering markets, as well as post-market surveillance.

The Commission urges that a cap on global plastic production be a defining feature of the Global Plastics Treaty, and that the Treaty go far beyond marine litter to cover the entire life cycle of plastics.

Who is the Commission targeting with its report?

As well as informing policymakers, the Commission’s report is designed to educate physicians, nurses, public health workers and the global public about the full magnitude of plastics’ hazards, which put the disadvantaged and poor, as well as women and children, at particularly high risk.

“The aim of this report is to let the world know that plastic is a huge problem. For the last 50 years, we have viewed plastic as cheap and convenient. But what this report aims to do is say, hey, it’s not as cheap as you thought it was, there are great costs, and up until now they have been invisible. It’s our job to make these costs visible,” says Prof. Landrigan.

Monaco and Prince Albert leading the charge

As an expert consultant with the Scientific Centre of Monaco, Prof. Landrigan knows the lengths to which Prince Albert has gone to put the oceans, and ecosystems, on the international agenda. That is why the Commission chose Monaco Ocean Week to launch its report.

“Presenting this work at Monaco Ocean Week puts the power and the prestige of the State of Monaco behind the report,” concludes the professor. Monaco may be one of the world’s smallest states, but as Head of State, Prince Albert has the same stature as (US President) Joe Biden, (Russian President) Vladimir Putin and (French President) Emmanuel Macron. He sits at the UN, and when a head of state, even a small state, courageously stands up and says we need to do the right thing, that carries weight. There are many countries around the world who are going to follow Prince Albert’s lead and want to do the right thing.”

 

Listen to the full interview with Prof. Phillip Landrigan in our podcast…

Rewind: Podcast interview with Prof. Phillip Landrigan on opening the world’s eyes to the impacts of plastic on human health

 

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SEE ALSO:

THE GREAT DETOX: EU TO BAN WIDELY USED CHEMICALS

MONACO PART OF LANDMARK ANTI PLASTIC POLLUTION RESOLUTION

 

Photo credit: Franki Chamaki on Unsplash

 

 

Sign up for Forest Day Hike in the hills above Monaco

To celebrate International Day of the Forests, a special hike is being organised on 18th March departing Roquebrune-Cap-Martin and reaching Mont-Gros, taking in the breathtaking view of Monaco and the Mediterranean.

The Office National des Forêts (ONF), in partnership with the Principality of Monaco and the municipality of Roquebrune-Cap-Martin, is organising the free event a few days ahead of the official International Day of the Forests on 21st March.

The hike on Saturday 18th March will be based on the theme: ‘Good health and well-being’, with the aim of raising awareness among the public on the importance of the forest.

Departing from Roquebrune-Cap-Martin, participants will be able to discover the area’s rich natural and cultural heritage, from the seaside town to its village perched at an altitude of 225 metres, before reaching Mont-Gros via a hiking trail to admire a breathtaking view of the Principality and the Mediterranean.

During this one-and-a-half hour walk, ONF agents will introduce participants to the forest and biodiversity protection actions implemented by its teams, the municipality of Roquebrune-Cap-Martin and the Principality of Monaco following the devastating fires in 1986. They can be experienced through interpretive trails, connected walks, panoramic viewpoints and even the installation of an insect hotel.

Activities surrounding food and and health in the forest will also be offered to participants.

To register, please click here.

Monegasque virtuoso Stella Almondo headlines launch of The Sea is Green

the sea is green

Monte-Carlo Société des Bains de Mer on Saturday launched The Sea is Green initiative at a special dinner recital, marking a year of action on the theme of the sea that will bring together art, culture and solidarity.

Under the stunning Eiffel glass dome of the Hôtel Hermitage, guests were treated to a piano concert by 16-year-old Monegasque virtuoso Stella Almondo, an art exhibition by Jean Boghossian, and a gastronomic meal and wine pairing imagined by Chef Yannick Alléno.

Echoing the pioneering action of Prince Albert II of Monaco, his commitments on the international scene and the actions of his Foundation, The Sea is Green is the first theme in a year-long campaign by the Monte-Carlo Société des Bains de Mer (SBM) to promote the protection of the oceans. This will be followed by ‘New Wave’, ‘Et vogue le navire’ (And Sail the Ship), and ‘Mer de glace‘ (Sea Ice).

In launching the initiative on Saturday 10th March, newly appointed CEO Stéphane Valeri spoke of SBM’s dedication to sustainable development, highlighting that all of the company’s establishments are Green Globe certified, and the Resort is working towards becoming one of the very first in the world to obtain this certification in its own right.

Art inspired by the sea

To give the theme an artistic dimension, SBM asked artist Jean Boghossian to come up with a series of works inspired both by the sea and by the ambition of sustainable development. As a result, the Syrian-born artist created La Mer Incandescente: plaques that mimic the sails dotting the horizon during regattas, which will be displayed in the gardens and streets of Monte-Carlo. He is also showcasing in the halls of the Hôtel Hermitage his ceramic sculptures that incorporate corals and sea shells.

“In 2016, I acquired the collection of the shell museum in Saint-Jean-Cap-Ferrat, which was due to close,” explained Jean Boghossian. “The collection was therefore able to continue to be presented to the public. They are marvels, each shell is as beautiful as a precious stone.”

Monegasque virtuoso Stella Almondo performing during The Sea is Green event on 10th March

Monaco’s young concert pianist steals the show

The evening highlight was Monegasque pianist Stella Almondo. At just 16 years of age, this talented performer has already garnered an impressive track record, winning numerous competitions including the Flame in Paris, the Steinway & Sons in Cannes and the International Young Chopin Competition in Switzerland.

After giving her first concert at the age of 10, Stella has since performed with the Orchestre National de Cannes, the Slovak Sinfonietta Orchestra and the Monte-Carlo Opera for the Printemps des Arts. She also performed for the National Council in Monaco, where she impressed outgoing president Stéphane Valeri so much that he invited her to take part in Saturday’s event.

Guests were treated to five concertos, including Schumann’s Sonata n°2 and Chopin’s Étude Op. 25, No. 12 ‘Ocean’.

Radio Classique Journalist and Presenter David Abiker was MC for the evening, while pianist Camille Taver amused guests with his improvisations around the theme of the sea.

Under the Eiffel glass dome

The dinner was served, for the first time ever, under the Eiffel glass roof of the Hôtel Hermitage Monte-Carlo. The Winter Garden, as it is known, had its dome designed and erected by the disciples of Gustave Eiffel, the undisputed master of metal architecture.

The meal was specially composed by Chef Yannick Alléno (Pavyllon Monte-Carlo) to illustrate the theme The Sea Is Green.

Overall, the evening was a pleasure to the senses, combining art, music, gastronomy and creative ambition with the joy of living and an ambition to protect the ocean: Monte-Carlo in a nutshell.

Click on the gallery below to see more images of the evening…

 

See more in the reel below…

 

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All photos source: Monte-Carlo SBM

 

Nice Airport giving away two plane tickets a day

Every day until 12th March, Nice Airport is offering people the chance to play a fun game online and win plane tickets to a number of exciting destinations across the globe.

The innovative marketing campaign involves an interactive online game that people can play each day after registering. People simply have to have a quick hand and click on some very fast moving travel-related images.

They are then entered into a draw to win plane tickets departing from Nice to Atlanta with Delta Airlines, Montreal with Air Transat, a destination of the Volotea network of your choice, London with British Airways, New York with United Airlines, Athens with Aegean, Reykjavik with Icelandair, the Antilles (via Paris) with Air France, a destination of the easyjet network of your choice, or Istanbul with Turkish Airlines.

Two plane tickets are up for grabs every day. Winners will be contacted by email.

To play, click here.

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Photo: Statue of Liberty and New York city skyline at sunset, United States, source Nice Airport

 

Grand new Café de Paris project delayed

café de paris reopen

Reconstruction works on the iconic Café de Paris in Casino Square are taking longer than expected, putting the highly anticipated project back a few months.

It was announced in March 2022 that the Monte-Carlo Société des Bains de Mer (SBM) would embark on an ambitious €40 million remodelling of the Café de Paris, expanding its footprint considerably to include a new rooftop restaurant called Amazonico, luxury boutiques, as well as the renowned Café de Paris Brasserie.

But as the new Chairman of the Monte-Carlo Société des Bains de Mer Group, Stéphane Valeri, announced to the managers of the construction site this week, the company’s projection of 16 months for a delivery date in July 2023, was “optimistic”.

In a press release, the SBM said that the open date “did not take into account possible setbacks which could be encountered in this type of construction. These uncertainties were added to by the difficulties linked to the international context, relating to the supply times for many materials.”

The global supply chain for the building industry suffered significant disruptions during the Covid-19 pandemic, and the ongoing war in Ukraine has further strained the supply of certain raw materials in Europe.

The opening of the Brasserie Café de Paris has therefore been postponed to the end of October 2023, and that of the Amazonico restaurant “to a later date”.

“At the instigation of the President-Delegate, all the departments of the Monte-Carlo Société des Bains de Mer group are hard at work to optimise this timeframe, both in terms of the final conduct of the site and in terms of management personnel provided for the operation of these establishments,” concluded the company in its statement.

The Brasserie of the Café de Paris will remain in its temporary position in the Salle Empire of the Hôtel de Paris for the duration of the work.

 

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SEE ALSO:

Welcome to the jungle: First look at the Café de Paris’ new rooftop restaurant, the Amazónico

 

 

Photo of the new-look Café de Paris courtesy SBM