The inaugural World Yachting Summit (WYS) has successfully concluded in Monaco after three days of industry dialogue under Monaco’s ‘Capital of Advanced Yachting’ banner. The event brought together key stakeholders from 20 nationalities to address the sector’s future challenges.
Inspired by global gatherings such as COP and Davos, the summit featured 19 panel sessions across two tracks: Business Perspectives & Tourism Development and creating a Practical Roadmap to Net Zero. These were complemented by eight Inspiration Talks and expert keynotes, providing valuable insights.
Jean-Claude Biver, renowned horology leader known for his leadership at Blancpain and Hublot, delivered the first inspiration talk, highlighting that innovation comes from being ‘’first, unique, and different’’. He stressed the importance of staying connected to the future, listening to younger generations, and recognising that making mistakes allows for crucial learning.
Reinventing yachting
Given growing criticism regarding its perceived lack of alignment with the UN’s Sustainable Development Goals, industry leaders explored a reimagined SMART approach to yachting’s future:
Sustainable: “Sustainability is no longer an option’’ stated Olivier Wenden, Vice-President and CEO of the Prince Albert II Foundation, while Energy Observer’s Founder & Captain Victorien Erussard showcased his zero-emission vessel.
Modern: The industry must embrace transparency and develop destinations with regulations relevant to new generations.
Attractive: Shifting from excessive luxury displays to purpose was identified as crucial for attracting future yacht owners.
Resourceful: Leaders underlined yachting’s economic impact and the importance of continuous crew training.
Transformative: Experts highlighted cultivating yachting culture through youth exposure to sailing.
The summit concluded with ‘’cautious optimism’’, acknowledging the sector’s resilience while recognising challenges from geopolitical instability and changing demographics. Tomorrow’s yacht owners were characterised as more sustainability-focused and experience-driven.
Bernard d’Alessandri, Secretary General of Yacht Club de Monaco, offered a powerful reminder: ‘’When we are at sea, we are guests in a world that is not our own.’’
The summit was held from April 15th to 17th at Monte-Carlo Bay Hotel & Resort.
See also:
World Yachting Summit sets new course for industry’s future in Monaco
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Photo source: WYS