Interview with Olivier Wenden, Vice President and CEO of the Prince Albert II of Monaco Foundation.
Monaco, long a pioneer in ocean protection, is now at the forefront of structuring a credible, investable, and scalable blue economy. Olivier Wenden discusses the ambitions of the Blue Economy & Finance Forum (BEFF), which took place in the Principality on June 7 and 8.
How does the BEFF differ from the many international conferences on the ocean?
We didn't want the BEFF to be just another summit on the international agenda. Our approach was therefore deliberately pragmatic: the aim was to take stock of existing solutions, rather than making a series of announcements that were disconnected from operational realities. The event was a great success: nearly 2,000 participants benefited from exceptional expertise in finance and the blue economy. The BEFF received major political recognition with the presence of six heads of state, an equivalent number of prime ministers, as well as the Prince of Wales, the Crown Princess of Sweden, and the Crown Prince of Norway, demonstrating the growing interest in responsible ocean finance.
So the approach was as much economic as political?
Absolutely. It is time to reconnect the ocean to the economy. Too often, the sea is seen as a philanthropic or scientific issue unrelated to the financial system. But this is a misguided analysis. More than 80% of world trade passes through maritime routes. The majority of the world's population lives in coastal areas. The ocean is a major driver of global food security, international transport, and climate regulation.
The Foundation has always been committed to science, but the evidence is clear: scientific and moral arguments are not enough to spur action. We needed to activate another lever—capital. The blue economy is a rapidly growing sector, but it is still underfunded. We want to demonstrate through example that this economy is profitable, creates jobs, and is compatible with sustainability requirements. That is why, at the Foundation, we wanted to complement our philanthropic activities with impact investing, notably by creating, with Monaco Asset Management, the ReOcean Fund, a private equity fund that will invest €100 million in growing companies operating in key sectors of the blue economy.
Is your unusual positioning—combining scientific rigor with investment logic—understood by investors?
It is starting to be understood, and I even think it is reassuring. We have proven that our approach is serious, structured, and credible.
For example, we have introduced a scientific veto right for each investment within the ReOcean Fund's governance structure: if a solution does not meet our environmental criteria, it is rejected, even if it is profitable.
What are the obstacles to investment?
The ocean always seems distant and unrelated to the global economy. This is not true. But until major investors—pension funds, sovereign wealth funds, banks, insurers—put this issue on their agenda, nothing will change.
The other obstacle is perceived risk. The blue economy remains an emerging field with few benchmarks. Today, there are only 43 blue private equity funds worldwide dedicated to growth companies (Series B and beyond), none of which exceed €200 million. The target companies are often young, in the pre-commercialization or early growth phase. Returns are not yet consolidated.
How can these concerns be addressed?
By creating solid proof of concept. That's why we launched the ReOcean Fund. It targets high-potential growth companies with a measurable environmental impact. The first investment, in January, was in NatureMetrics, a UK company specializing in measuring biodiversity through environmental DNA.
We need to give more visibility to innovative companies to help them scale up and show the real dynamism of the blue economy. I am thinking of companies such as ECOncrete, for example, which is developing a pH-neutral concrete that promotes marine biodiversity and was awarded a prize by the Foundation in 2022.
Can we hope for a COP21 effect for the ocean, as was the case for the climate?
That is our hope. COP21 was a catalyst for renewable energies. The ocean could experience a similar dynamic. There is an ecosystem of companies, growing interest, and enormous potential for impact. But for that to happen, we need concrete, measurable results. No one is interested in 15-year promises anymore. Starting next year, we need to be able to say: this solution has been deployed, it works, and it is profitable. It is this demand for accountability that structures our actions.
You launched a unique pitching mechanism at BEFF. Can you tell us more about it?
We selected 10 companies to present their solutions at BEFF, each pitching in pairs with one of their current investors. This was a first. It allowed the founders to explain their vision and the investors to demonstrate why they had bet on these companies.
All this took place in front of an audience of 400 people representing investment funds, family offices, banks, and insurers. The goal was to create an immediate bridge between innovation and capital.
Insurance and reinsurance companies were present. What role can they play?
A decisive role. Like banks, insurers can use their underwriting policies to effectively ban unsustainable practices. We saw this recently with 14 Anglo-Saxon banks that signed a charter refusing to finance deep-sea mining. This is a very direct way of changing models. During the BEFF, the Sovereign Prince, together with Ray Dalio, founder of Bridgewater Capital, initiated a first meeting between sovereign wealth funds and pension funds on the blue economy.
What lessons can be learned from this first BEFF?
Recognition. The international community has validated the Principality's pioneering position and recognized the Prince of Monaco's historic leadership on these issues. We have been both technical and political, ambitious but realistic, global but very concrete. The blue economy is emerging as a new asset class. And now is the time to take an interest.
What message should investors take away from this?
The ocean is an investable market with multiple opportunities.
Just as solar energy was yesterday, tomorrow the ocean will be a major segment of the economy. But we must act now, while multiples are reasonable, the impact is direct, and pioneers can still make a difference.
This is also why the Prince did not hesitate to get personally involved in the development of these tools, of which the private equity fund is the cornerstone. Monaco is not waiting for consensus. We want to be among the leaders of an investable, profitable, and responsible blue economy.
