December 2022

INVESTABLE OCEANS

Welcome to our Final Newsletter of 2022!

We hope everyone has had a safe and enjoyable holiday season. As we head into 2023, we wanted to share a few last items:

COP15 - Ending the year on a high note:

This month’s COP15 (15th Conference of Parties to the UN Convention on Biological Diversity), chaired by China and hosted by Canada in Montreal, received positive reviews from a wide range of participants, organizations and commentators. Although there were those who thought important language was missing, some future goals were too vague or execution remains uncertain, nearly 200 countries adopted the Kunming-Montreal Global Biodiversity Framework, which featured four goals, 23 targets, and a game changing “30x30” headline target - conserving 30% of the planet’s land and oceans by 2030. Depending on your interests and available time, here are a few good reads:

  • Carbon Brief’s detailed recounting of negotiations and outcomes at COP15
  • Romie Goedicke of UNEP FI provides a “top ten” list of finance announcements and initiatives
  • This article by the Guardian surfaces some of the criticisms and perceived shortfalls of COP15
  • Quick read from Bloomberg Green that hits the conference highlights (paywall, apologies)

Current opportunities in biodiversity investing:

Awareness of biodiversity’s vital economic role has been steadily increasing, thanks to research and analysis like the World Economic Forum’s estimate that over half of the global gross domestic product ($44 trillion) is “moderately or highly” dependent on nature and its services. As a result, even before COP15, biodiversity was finding its way into the policies and practices of many large asset managers. Though this integration process is underway - and will likely accelerate in the wake of COP15 - it’s notable that as of yet there are relatively few fund investment opportunities that are specifically focused on biodiversity.

On the eve of COP15, Morningstar produced a good review of the biodiversity investing landscape, which you can download here. It references the initiatives of some of the larger fund managers, and also describes the 14 currently available biodiversity themed funds totaling $1.6bb (versus 1,100+ climate funds with assets of $350bb). As is the case with sustainable ocean investing, Europe is leading the way - only 1 of the 14 funds is US based.

Earlier this month MarketWatch/Barron’s also ran a piece on biodiversity themed funds. They cited Karner Blue Capital Biodiversity Impact fund (KAIBX) as the top performer year to date at time of writing, although its returns are negative along with the overall markets. Karner Blue Capital is a woman-led and majority-owned business enterprise, and its biodiversity fund is the only one we know of that has a three year track record and a four star Morningstar Overall Rating(™).You can learn more about Karner Blue Capital Biodiversity fund here.

Sustainable ocean funds proliferate in 2022:

During Climate Week we wrote an article about the expansion of sustainable ocean investment opportunities. One particularly notable 2022 development is the increasing capital raising activities for funds supporting early stage venture and growth companies. While just a few years ago there were only a couple of such funds, this year brought a variety of new entrants that are tackling the ocean’s biggest problems and opportunities, with more on the horizon in 2023. These funds are diverse in many ways: they are located in different geographies, they focus on varied sectors of the blue economy and different stage companies, and some are affiliated with NGOs or research institutions.

There are important “compounding” effects at work here. While first time ocean funds are still relatively small by asset management industry standards, as they have successful exits, their portfolio companies grow and managers do second and third funds, the capital at work in the sustainable ocean sector will grow at an increasingly faster rate. These offerings have already begun to attract attention from private wealth management platforms and institutional investors, a good sign that interest in the sector is deepening. We know of over a dozen funds with a substantial blue economy focus, if you’d like to discuss this landscape with us further please feel free to reach out at contact@investableoceans.com.

Join a special fact-finding expedition to Greenland and Iceland!

New York Times columnist and Pulitzer Prize recipient Bret Stephens traveled to Greenland with John Englander of the Rising Seas Institute in August. You can read Mr. Stephens’ extensive New York Times essay here, or better yet you can venture to Greenland yourself with John and a small select group this summer. There are limited spots available, if you’d like to learn more about this exciting opportunity please click on the listing below. This will be the first of a number of experiential travel opportunities we’ll be bringing to the Investable Oceans community in 2023.

Two new notable books:

We feature below two inspiring books - Sperm Whales: The Gentle Goliaths of the Ocean by Gaelin Rosenwaks and The Remarkable Reefs of Cuba by Dr. David E. Guggenheim. In addition to sharing a love of the ocean and its inhabitants, Gaelin and David have (at least) two other things in common: they’re both Fellows of The Explorers Club and are also alumni of Seacamp, a marine science oriented summer program for teenagers in the Florida Keys. (Ted is a Seacamper too, along with a number of others from the Investable Oceans community).

Check out our calendar:

Lots of conferences and gatherings coming in 2023. We noted some highlights below, and you can see the full listing here. On January 24th we’re speaking at the Blue Venture Investment Summit in Bristol, Rhode Island. We hope to see some of you there!

Wishing you all a happy and healthy 2023. And as always, we thank you for your support.

The Investable Oceans Team

DIVE IN

LATEST NEWS

EXPERIENCES

Exclusive Greenland Fact-Finding Expeditions

Join oceanographer and sea level rise expert John Englander of the Rising Seas Institute on a remarkable voyage to experience climate change first hand in Greenland. This 7-day multi-disciplinary program includes meeting with experts, visiting key sites, and experiencing the wonders of Greenland and Iceland.

READ MORE

GET INSPIRED

BLUE BOOKS

Sperm Whales: The Gentle Goliaths of the Ocean

Marine scientist and photographer Gaelin Rosenwaks takes readers on an intimate underwater journey to explore and connect with the majestic and gentle goliaths of the ocean.

IMPACTFUL FILMS

The Reef Builders

When faced with a declin­ing fish­ery and as much as 60 – 90 per­cent of corals destroyed, a com­mu­ni­ty fights to save and restore their reef and econ­o­my on Wasi­ni Island in Kenya. A film from WaterBear.com.

INNOVATIONS

Satellite Technologies Can Help Drive Aquaculture Growth

Industry experts believe that new satellite technologies will help aquaculture expand, reduce its environmental impact, and make farmed fish more efficient to produce.

BLUE BOOKS

The Remarkable Reefs Of Cuba

Dr. David E. Guggenheim offers hope for the oceans in his new book that reveals the hidden lessons of Cuba’s remarkably healthy reefs that could help rescue coral reefs around the world.

LEARN

QUICK DIPS

Wanted: A Sea-Change in Climate Finance For Oceans

Leaders from the Ocean Risk and Resilience Action Alliance, Conservation International, and Investable Oceans offer their insights on the opportunities and challenges of private sector investment in the blue economy.

QUICK DIPS

Regenerative Ocean Farming

This informative factsheet from Urban Ocean Lab delves into what regenerative ocean farming is, why it matters, the benefits it provides, and how the growth of this industry can be supported.

COOL TOOLS

Seafood Database

This interactive database from Planet Tracker allows users to identify the extent to which companies are exposed to overfishing and illegal fishing, and compare their environmental health with their financial health.

CALENDAR HIGHLIGHTS

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