The Channel Islands National Marine Sanctuary, located off the coast of California. Image by NOAA/Mark Norder

Douglas McCauley directs the Benioff Ocean Initiative, the philanthropic organisation created by billionaire Salesforce founder Marc Benioff and his wife Lynne. McCauley, a marine biologist, says that philanthropists can do much more to save the oceans than simply write a cheque

DEUTSCHE BANK WEALTH MANAGEMENT x LUX

Douglas McCauley. Image by Jonathan Little.

We all have an opportunity and responsibility to do something for ocean health, whatever walk of life we are from. The ocean has paid us some service – and this service can be reciprocated.

I grew up in Los Angeles and if you’ve passed through the Greater Los Angeles area you get a sense that there is a whole lot of concrete and man-made change on land. And then you hit the coast and you have this big, beautiful uninterrupted space. So, for me the first debt of gratitude that I have to the oceans is that they were my escape to a world where I could find wilderness and immerse myself in the beauty of the ocean. And there was the practical side: the ocean provided me with my dinner – it gave me employment and income.

Follow LUX on Instagram: luxthemagazine

For most people, the debt that they owe the ocean is different. For some people, such as Marc and Lynne Benioff, their identity has been shaped by ocean places such as San Francisco and Hawaii where they’ve lived and raised kids. The ocean has given them a lot of inspiration and beauty and knowledge. To be in a place that is so ancient and to be part of the majesty of the ocean and to experience such a mindful reset, and then to jump back into life on land and manage it successfully, means that you as an individual have drawn some value from the solitude and exaltation felt when by the ocean.

In the arrangement that we forged, Marc and I are each trying to repay some portion of that debt. As an ocean scientist, I can use the tools, our networks and our laboratories to try to be helpful, and Marc uses his resources, his influence, his network, to help create change. These two worlds together are really powerful.

For many people, the oceans feel very remote from us, making it a harder environment as a philanthropic domain to connect with. But there are some very practical ways that the oceans, even if they are remote, do provide benefits to all of us. The most universal of these is that the ocean, as it lives and breathes, as it aspires and photosynthesizes, produces half of the oxygen on the planet.

That means that whether you’re in seaside Miami or in landlocked Geneva, every other breath that you take comes from the oceans. It is a life-support system and certainly enough reason for us to connect to make sure that it continues to be fully functioning and healthy. When you do actually recognise that you have a debt to repay to the oceans, it is important to return the favour to the sea, to repay that debt.

The numbers of people who have made that reconnection to the oceans and have become champions for the seas are relatively few in the world of philanthropy. Statistics estimate that approximately one per cent of philanthropy is dedicated to the oceans. There are so many important causes on the planet that deserve our attention and investment but for a living place that encompasses two-thirds of our planet and provides us with half of our breaths, perhaps it deserves more from us. Each individual’s philanthropic portfolio matters, because each one incrementally will help us move a little bit further north of that one per cent.

Building partnerships with scientists and science can be powerful and create some symbiotic opportunities. Almost all of us have a relationship with a university, and we might be surprised that there are centres and hubs of ocean excellence in many universities, and not just places on the coast. For example, ETH in Zurich, Switzerland is one such hub of excellence.

Read more: How ethical blue economy investments support ocean conservation

Unfortunately, the problems facing ocean health are so large that there has to be a critical mass. No one single university is going to be able to change things. So a lot of what we are trying to do is create a template by which we can activate our colleagues and peers to demonstrate that we can actually make a difference.

For example, when you’re looking at an issue such as plastic pollution, in which you have more than five trillion pieces of plastic in the global oceans, that is too big an issue for any one organisation to solve. So we are trying to create this model to facilitate change by creating open tools that will not only help and but also become replicable in other places.

That is one reason why working with Marc Benioff has been so successful. He is a problem solver who has built a globally successful company. There is much that we have learned from him about the general mechanics of problem solving, and about the many tools that cross that boundary, such as the ones we use in ocean problem solving that originally were designed for industry and technology.

When we started working with the Benioffs, I had the incorrect assumption that we would have a few starter conversations, they would send us a cheque, and we would be off on our own to try to figure this out. But the most valuable thing that they did for us was not send us the cheque. Instead, the most valuable thing that they did for us was to open up their networks and to share their expertise, and to very usefully help match us with people that could have a part of a solution that we needed.

Find out more: boi.ucsb.edu; labs.eemb.ucsb.edu/mccauley/doug/

This article originally appeared in the LUX x Deutsche Bank Wealth Management Blue Economy Special in the Autumn/Winter 2020/2021 Issue. 

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.

Follow LUX on Instagram: luxthemagazine

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.

The new Oyster Perpetual Submariner, 41mm in Oystersteel. © Rolex/Alain Costa

LUX discovers Rolex’s striking new editions to the iconic Submariner, Datejust, Oyster Perpetual and Sky-Dweller collections

The New Submariner

Submariner Date © Rolex/Alain Costa

Rolex’s history with the world of diving dates back to 1926 when the brand invented the now iconic waterproof Oyster case. Following a series of experiments in collaboration with diving pioneers, the brand launched the Submariner in 1953 as the first divers’ wristwatch waterproof to a depth of 100 metres. Since then, the brand’s Submariner collection has gained iconic status with the Oyster case now guaranteeing waterproof to a depth of 300 metres.

Follow LUX on Instagram: luxthemagazine

The latest editions to the divers’ collection – the Oyster Perpetual Submariner and Oyster Perpetual Submariner Date – both feature a redesigned, slightly larger case in the classic aesthetic of Oystersteel. Other variations of both watches include a 60-minute graduated Cerachrom insert in coloured ceramic, allowing divers to monitor their dive times.

Oyster Perpetual Datejust 31 in white Rolesor. © Rolex/Alain Costa

The New Datejust

Four new white Rolesor (combining Oystersteel and 18 ct white gold) versions of the Oyster Perpetual Datejust 31 include a diamond-set bezel and aubergine dial with the three other timepieces fitted respectively with a mint green, white lacquer or dark grey dial.

Oyster Perpetual 41 in Oystersteel. © Rolex/Alain Costa

The New Oyster Perpetual

Rolex’s Oyster Perpetual collection features direct descendants of the brand’s original 1926 Oyster waterproof case. The latest model, the Oyster Perpetual 41, is available with a silver or black dial, whilst updates of the Oyster Perpetual 36 feature a range of vibrant lacquer dials in candy pink, turquoise blue, yellow, coral red and green.

Read more: Paris-based artist Cathleen Naundorf on photography, fashion & activism

Both models are equipped with Rolex’s newly launched movement, calibre 3230, which offers gains in terms of precision, power reserve, resistance to shocks and magnetic fields, convenience and reliability.

Oyster Perpetual Sky-Dweller, 42 mm, 18ct yellow gold. © Rolex/Alain Costa

The New Sky-Dweller

The perfect watch for frequent travellers, the Sky-Dweller displays the time in two time zones simultaneously and has an annual calendar. This latest 18ct yellow gold version of the Oyster Perpetual Sky-Dweller is fitted with the brand’s innovative Oysterflex bracelet made of high-performance black elastomer, promising both durability and comfort.

Find out more: rolex.com