Monaco is punching well above its weight in international affairs as it moves forward with a bold effort to safeguard the Ocean. During his address to the United Nations General Assembly Prince Albert II laid out his vision of the future. “Respect for the environment and wild species on land and at sea and supporting science were fundamental priorities for the Princes of Monaco through the centuries,” His Serene Highness said. “Today what was a relentless commitment has become a duty for our survival”.
A lot is at stake in our approach to the world’s Ocean which is home to 80% of the world’s biodiversity. With the Ocean taking up 70% of the surface of the plant it is not surprising that 80% of the world’s population lives on the coast – with an even higher figure living close to major rivers which feed into the seas. The Ocean produces at least 50% of the oxygen on the planet and roughly 30% of the world’s population gets its daily protein from the Ocean.
Barely two weeks after the prince’s speech an important closed-door gathering in Monaco brought together some of the world’s top sovereign wealth funds (SWFs) and others to discuss their strategies for impact investments. The launch of Monaco’s ReOcean Fund earlier in 2023 has created interest from both Ultra High Net Worth Individuals and SWFs. The roundtable gathering in the Principality attracted representatives from the EU, UK, Australasia, and Gulf Countries (GCC). The meeting was organized by ZEL Business Advisory Group.
The gathering committed to driving forward efforts on ocean and wider preservation of the environment.
At the center of this meeting and of other efforts in Monaco is the Prince Albert II of Monaco Foundation, the only NGO in the world with a head of state as its chair. The Foundation is at the forefront of Sustainable Development Goal 14: Life Below Water. As such it is involved in many ocean-based initiatives from fighting plastic pollution to efforts to ban subsea mining.
“The World Economic Forum estimated the world is investing barely $10 billion a year in the Ocean when we should be investing $175 billion each and every year. SDG 14 is the least funded of all the sustainable development goals,” said Olivier Wenden, CEO of the Prince Albert II of Monaco Foundation, “attracting only 1% of global philanthropy and not a lot of is focused on start-ups”.