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Financing Climate-Resilient Infrastructure and Projects: Challenges & Opportunities

With Denis Viennot, a Founding Partner of AltRaise, an independent investment bank dedicated to climate change and sustainability challenges

For this digital session, Blumorpho, together with Denis Viennot from AltRaise, will address the challenges and opportunities for port cities and their ecosystems to accelerate access to financing while meeting climate resilience and decarbonization targets. Best models and strategies will be discussed, as well as key obstacles to avoid. This session will combine presentations and discussions to begin answering AIVP members’ questions in preparation for their participation in Financing Maritime Innovation and Infrastructure for Climate and Ocean. Exceptionally, this session will also be open to non-AIVP members interested in learning more about financing opportunities for climate-resilient infrastructure and innovative projects.

Denis Viennot is a Founding Partner of AltRaise, an independent investment bank dedicated to climate change and sustainability challenges. Denis has over 20 years of experience in Corporate Finance, Project Finance, International Development Finance, and as an investor and entrepreneur at a global level. Denis was previously a Principal at the European Bank for Reconstruction & Development, where he was notably responsible for developing clean and renewable energy programs. He will share his expertise with our audience.

This digital session is organized as part of the collaboration between Blumorpho and AIVP in the initiative Financing Maritime Innovation and Infrastructure for Climate and Ocean, designed to accelerate the financing of the environmental transition in port cities by enabling them to leverage innovation and develop new services that generate recurring revenues to attract private investor.

This webinar, organized as part of the Financing Maritime Innovation and Infrastructure for Climate and Ocean initiative, brought together Géraldine Andrieux, President of BLUMORPHO, and Denis Viennot, Founding Partner at AltRaise, to explore the challenges and opportunities of accelerating access to financing for port cities and their ecosystems. The objective: to support the environmental transition while meeting climate resilience and decarbonization goals. Géraldine Andrieux opened the session by welcoming participants from across the innovation and investment landscape, as well as cities and ports. Drawing on Denis Viennot’s deep expertise in sustainable finance, the conversation highlighted the importance of building new financial models, blending public and private resources, and leveraging innovation ecosystems. This interactive session is part of a co-construction journey leading to June 6^th gathering in Monaco, where key actors will gather to develop concrete solutions for the sustainable transition of the urban-port ecosystem. Open discussions helped identify strategic priorities for port cities and revealed a strong appetite for collaboration across stakeholders, cities, ports, innovators, and investors alike.

Transcription

Welcome & Introduction: Setting the Stage for Financing Maritime

Géraldine Andrieux: Welcome to this digital session about financing maritime innovation and infrastructure for climate and ocean. I wanted to also introduce our panelists, so we have a great chance to have with us today, Denis. We’re going to speak about financing climate resilience infrastructure and projects: What are the challenges and opportunities? Thank you again for joining us today, Denis, because you have a huge expertise in this field. We have already received a lot of questions that we will be able to address today. And Marine, who is with us also, will collect your questions. So, Denis, you are the founder of AltRaise. AltRaise is a private banking company, and you are especially active in climate investments, so this is your key focus right now, but you have also strong expertise coming from infrastructure financing, working at EBRD but also GE Capitals.

Denis Viennot: Thanks so much Geraldine and Marine. So, hi everyone, great to meet you. As mentioned, I’m the co-founder here at AltRaise, we’re a corporate finance boutique, called Investment Bank, based in Paris and London, which I co-created about eight years ago now. With, really, in our DNA and sole focus to advise companies and projects, both in OECD markets and in emerging markets, and particularly Africa, that have a sustainable development angle, energy transition, climate change, you know, in the broader sense. So, we advise companies from startups to project developers on raising capital, whether equity and debt, as well as on M &A, merger and acquisition operations. Within AltRaise, we’ve had the chance to work across the spectrum from companies with innovative technologies, which are, of course, very relevant to the discussion today, and how to apply them to cities in general, but in particular, port cities – all the way to renewable energy infrastructure projects, and obviously, over the last couple of years, a lot of discussions with developers or sponsors – and these include cities – of hydrogen or e-fuel projects, which, as we know, are particularly important for port areas. Just briefly, before AltRaise, I indeed spent a number of years at GE Capital, General Electric Capital, looking at diverse types of financing, including waste to energy, clean infrastructure projects such as wastewater treatment facilities or water treatment facilities, as well as renewable energy projects. And then went on to spend four years at the EBRD in their climate change team. Most of you know the EBRD, but it is a development finance institution. It works both with governments and authorities and with the private sector, with a specificity versus other DFIs that are very focused on the private sector. And so, it really is a vector of promotion of the private sector and of private sector finance, which is relevant for our discussion today.

Géraldine Andrieux: Thank you, Denis. And indeed, today is the first of a series of webinars that we are preparing to meet all together on the 6th of June, and we’ll come back on that with Marine later. But the goal of today is really to make an introduction to what is needed, what could be the opportunity for Port City to get access to private financing, so we’ll come back on that.

I wanted also to highlight that BLUMORPHO is very happy to collaborate with two major partners. So BLUMORPHO, the company I created myself about 10 years ago, is especially dedicated to give the best condition to adopt innovation. And along with that, obviously, financing is key. We have already been able to support companies to raise 1 billion euros. But it’s not only about innovation. It’s also about ecosystems and networks. We are very happy to collaborate with AIVP, the leading international association of port cities that gathers more than 200 members. It’s a great network, and we are also a member of this fantastic association with a great team. We are very happy to collaborate with them. And also, with the Fondation Prince Albert II of Monaco, very dedicated to climate resilience and to support the ocean and to obviously protect the ocean. So, all three of us are very looking forward to collaborating with you to support the transition of urban port ecosystems. And I want to explain why actually urban port ecosystems are so important to us. Because as you can see, we are focusing on the maritime industry.

Urban-Port Ecosystems: The Key to Maritime Decarbonization

Géraldine Andrieux: As you can see, we are focusing on the maritime industry. But when you look at the maritime industry, it’s facing a huge challenge, which is its decarbonization. Decarbonization is obviously a regulation constraint, as we know that by 2050, the shipping industry has to reach net zero. But the thing is that we don’t yet have the right solution in terms of energy sources. It’s very difficult to get renewable energy competitive compared to fossil fuels.

We have done already last year a big action with Marine on Financing Maritime Innovation and we realized that just 0.1 percent of ships are using renewable energy for the moment, so a big challenge.

Why Financing Green Urban Infrastructure Is Urgent: Key Figures

Denis Viennot: First of all, cities in general are a key player in the transition to sustainable infrastructure and resilient systems, as well as improved environmental justice, for citizens. You know, cities in the broader sense, represent most of the world’s population, most of the world’s GDP, and most of the world’s greenhouse gas emissions. And of course, the majority of cities are coastal cities. And within these port cities are critical.

A lot of the world population is living in port cities, probably around 50% of the world’s population, but also port cities are critical because of their nature of their activity at the center and at the crossroads of the global transport system, of the global trade system, which is becoming even more important these days with US volatility right now on trade. These cities not only can have a major impact on maritime transport, but also local transport, hydrogen transport corridors, for example, that are being rolled out in Europe, imports of e-fuels, hydrogen, as well as, everything that can be done locally to cut greenhouse gas emissions, reduce pollution, and develop green infrastructure, whether local transport or electricity supply, etc.

Géraldine Andrieux: So according to you, interesting markets for investors. We have Port Cities with us today, but we have also a lot of innovative companies. We want also to see how they could collaborate with Port Cities and what could be the opportunities of financing. So, we can come back on that later on. But what financial tools can be available for cities to get access to financing right now?

From Public Funds to Innovative Tools: The Full Spectrum of Green Financing Options for Cities

Denis Viennot: There’s a wide range of tools, both on the financing side, which we’ll focus on today, but also on the funding side, which is slightly different, and we’ll come back on this. But what is interesting is that while there is a huge need for financing from port cities and cities in general, there’s also a huge gap in finance. And in particular two categories. One across the globe for the transition to green infrastructure and resilient infrastructure, there’s a lot of publications around that huge financing gap in trillions right over the next decade. And two for cities which are less wealthy and have less funding than very large cities which have more capacity and a deeper economy to rely on. Within these two categories, there’s a huge funding need and the private sector but also the public sector when it innovates has a huge role to play. A couple of KPIs that we share on the slide which are that, you know, many, many cities are constrained. But for different reasons: either they lack public funding, or national governments hinder them and stop them from borrowing, for example, or because they are not wealthy. So that leaves a real need for a very proactive approach from cities to expand the part of funding, financing, and funding that they can access, as well as interest for innovative sources of financing.

Géraldine Andrieux: Which is good news because what we are especially focusing on is this, you know,
developing innovative approaches that will fit also with the interests of all cities, but also financial players. Taking that into account, if you have some advice to give to Port Cities, and I think that a lot of them are looking for that, what will be your key advice today?

Denis Viennot: I think it’s important to understand that obviously there are different sources of financing. The traditional ones – loans from governments, grants, tax, of course, etc. That’s more a funding source, but you have public sector options which are usually well-known, but not always, and some of them are in the innovation categories, but should have access to different types of public funding, including the public funding from international institutions, particular for cities in, let’s say less wealthy areas, but not only. There are international institutions focusing on each and every country, whether it’s developed or not developed. And then, of course, you have the private sector, which we’re going to today. And in between private sector and public sector funding options, you have what we call blended finance, which allows to mix the two and has many benefits. And then across these different types of financing sources, you have innovative approaches. So, for example, innovative approaches with DFIs can include green funds, like the Global Environment Facility, the Green Climate Fund, I’m sure you all know of. There are many: carbon mechanisms, which have been very volatile and not extremely successful up to now. Nevertheless, there are examples of successful carbon finance mechanisms, in particular on the voluntary markets. And in the private sector, you also have a lot of innovative finance in the sense that many private sector investors are investing in green bonds, for example.

Attracting Private Capital to Urban Green Projects: Strategies That Work

Géraldine Andrieux: To address how port cities can attract private investors—bearing in mind that each port city is unique and context-specific—this is a key question we should focus on before opening the floor to questions.

Denis Viennot: Each initiative or project must have its own business model. You can go to private investors with a PPP, including concessions and other forms. You can raise finance, then rent infrastructure to private players. There are many configurations. What’s critical is that cities prepare. If the question is how to attract private investment, the first step is to create the right market. Private investors usually won’t look at projects below a certain size. They want a clear framework and conditions, which cities need to think through before reaching out. Cities must also be prepared internally, with expertise, knowledge, and staffing. These are complex projects. For example, if a city wants to finance shore power supply, and other cities in the country have similar goals, it might make sense to pool projects into a larger framework to reach scale. Then you can approach private investors. The second point is obvious: private investors will only be interested if they expect a sufficient return on investment and if perceived risk is limited. There are many ways to support this. When projects are commercially viable, it’s about setting the right conditions, ensuring the concession agreement is long enough, for example, for the project to repay debt and equity. When projects are not commercially viable, often the case for resilience or community-enhancing projects, and sometimes for green infrastructure, you must think about boosting returns and limiting risk. This could involve new taxes, grants, blended finance, or guarantees (from national governments, DFIs, or even the private sector). So the short answer is: cities need to create the right environment well in advance of approaching the private sector.

Géraldine Andrieux: You mentioned risk limitation. Do you have examples? And what about avoiding unproven models of technology? That’s important, because many innovations aim to improve productivity and show impact. How do we deal with that?

Denis Viennot: Risk limitation can take many forms. It can involve clear, transparent management of project revenues and expenses. It can involve proper reporting and guarantees, national or partial guarantees, or those from development finance institutions or donors. The way contracts are drafted also matters. For example, if an operator brings a green project using an unproven model, say, energy efficiency in buildings, there needs to be security for the investor. This could be partial guarantees from the city or state, legal provisions, or floor payments to the private operator. As for technology: tech is critical across city financing and project management. It helps improve efficiency. But what I mean here is that cities shouldn’t ask private investors to fund projects using unproven technologies and models while taking on all the risk. Before asking private investors to fund or scale a new tech, cities should finance at-scale demonstration projects or offer guarantees. For example: if you want private players to roll out hydrogen, and it fails, then you need to guarantee backstop mechanisms, ensuring at least a minimum return, say 10%.

Géraldine Andrieux: That’s interesting, especially as more port cities collaborate with innovative companies, create incubators, and demonstrate the value of new technologies.
Port cities are interesting ecosystems. Once collaborations start and results are in, the risk linked to innovation adoption is reduced.
That’s why port cities are so promising. If I had to highlight one challenge, it would be return on investment.

Understanding Financing vs. Funding: Building the Financial Foundation for Resilience

Géraldine Andrieux: When we spoke, you said something I liked: the difference between financing and funding. Could you explain that to our participants?

Denis Viennot: Very briefly: Financing is how you obtain the money to build the asset. Funding is how you pay that financing back, how you repay the capex. Cities have many options here, often very innovative. Even if you ask private investors to finance and operate a project that isn’t commercially viable, like low-income housing or environmental projects, you can still offer them acceptable returns through creative funding solutions. These sources can include national government subsidies. But cities can also create new taxes, use land value capture (like land pooling or rezoning), or create revolving funds (like customers repaying connection costs for electricity). So even for projects that aren’t immediately financially sustainable, you can find alternative ways to fund them. This often answers a key concern from cities: how to achieve green projects without making them unaffordable.

Géraldine Andrieux: It’s perfect, so you answered the question. We have a question from Rosemary asking if you could give a bit of example, and if you have some best practice or financing port-based business or port planning expansion. Maybe we can take the example of part of San Diego, because I think it might be interesting also to consider it as a good practice as well, that we can get inspired.

Denis Viennot: Yes let’s go to San Diego. This is just one case study among many. There are many more available publicly, including on the AIVP website. AIVP also shares interviews with ports on good practices. San Diego is interesting because it’s one of the first ports that really started engaging in decarbonization. It received substantial support from the U.S. government — through tax breaks, subsidies, and clear policy guidance. In this case, national support really helped, although it’s not always there. San Diego is a strong case because it followed the typical steps of a good decarbonization strategy for a port. We’ve broken it down into five elements. First, the strategy development and preparation. San Diego tied decarbonization to community co-benefits from the outset. This included addressing noise, air pollution, clean infrastructure, and connectivity, especially for neighboring, often underserved, communities. The port also conducted an inventory of pollution, emissions, and inefficiencies. This is an area where technology plays a key role. Various existing technologies can be used to measure, track, and monitor emissions. Ports should undertake this step early. The second step is port development and planning. Decarbonization actions were integrated into port development through updated planning processes. This included: New construction norms and materials; Retrofitting of existing buildings; Land-use strategies that prioritize green and decarbonized activities; Energy demand. San Diego set clear targets, such as transitioning to 100% zero-emission cargo trucks by 2030. To achieve this, the port created a framework and incentives (subsidies) to support operators in adopting clean technologies. However, ports cannot act alone. Private players also need to see economic benefits under the right conditions. Step four is energy supply: the port invested in decarbonized shore power infrastructure for ships and engaged with port users to adopt it. In this case, utility company S.C. Edison provided electricity and managed billing, while the port itself funded the infrastructure and created the regulatory framework. And finally, financing mechanisms. San Diego leveraged a combination of its own funding (port fees) and public/government funding for planning and infrastructure.

Financing Maritime Innovation: Process, Key Topics & June 6th Co-Creation Day

Marine Hamelin: Thank you for joining us today for this session. Just for a short reminder, we are working on this process for the months to come. So, for now, we’re in the first phase where we discuss with AIVP members to really highlight the key topics they want to work on and to find innovation, find solutions that will answer their needs. We are also mobilizing this ecosystem through digital sessions. We are in active look for solutions that will be the next generation of energy, of biodiversity protection of everything that can be relevant in the port city and maritime industry ecosystem to achieve its sustainable transition. So, if you have a solution, you can introduce it into our application form, which you will find on the website of BLUMORPHO. And whether you are a city, an investor, a port, or a solution provider, we all invite you to join us for this co-construction day in Monaco on June 6th. That will be right before the Blue Economy and Finance Forum, which is held by our partners, the Foundation Prince Albert II, which is in the context of UNOC. And of course, we will keep on building on this momentum for the next few months, especially until the AIVP conference in November. To get involved, you can write us at blueeconomy@blumorpho.com

Just to share a little bit more about the gathering in Monaco.: we will have a day which is dedicated to discussion. In the morning we will have two keynotes and panels where we will have discussion to kick off the day, and the rest of the day we will have one-to-one meetings, some exclusive workshops to highlight cases just like we are doing right now, and it will be the opportunity to go in more detail because we will be working on these concrete cases we are building at the moment. We will welcome you in the Monaco Yacht Club, and you will of course be invited to participate in the Blue Economy and Finance Forum.

Géraldine Andrieux: So right now we’re just giving you a bit of inspiration for what could be the relevant financial model, but we want to be very innovative, and to cover different topics that are very interesting in the green financing. We will also be working on post fossil fuel ecosystems, which is a very important point as we started discussing with Denis before. Green Infrastructures will be adressed. We are also very interested in ship breaking and refitting. It is an important part of the decarbonization of the shipping industry, and is definitely a strong focus. Two other aspects that are important to us are biodiversity protection, and also, how to leverage data to make these financial mechanisms even more attractive when it’s dealing with sustainable finance. And just for you to know, we have a lot of discussion with different institutions that will join on the 6th of June.

Q&A: What exactly is a bond? What’s the difference between a bond and a loan?

Géraldine Andrieux: Denis, if you’re okay, we can jump into the questions. We had already collected some beforehand, and we’ve also received an additional one. Let’s start with the first: what exactly is a bond, and what’s the difference between a bond and a loan?

Denis Viennot: A bond is a debt instrument that allows you to raise funds from a much wider pool of investors than just banks. Banks typically offer loans, but bonds can be issued to investors across the world. This significantly expands the pool of capital you can access compared to a loan. There are other differences, but that’s the key one. Also, bonds are often public instruments and listed, which gives you, as an issuer, access to capital markets focused on public securities rather than private ones.

Géraldine Andrieux: That’s very interesting, especially as we’re seeing growth in sustainable bonds. It’s a growing trend we’ll come back to in the next webinar, which will focus specifically on sustainable finance. We’ll be joined by investors working in this area, particularly on sustainable finance and bonds, and they see port cities as very promising ecosystems. Today is just an introduction, open to all companies and port cities, not just AIVP members. But for the next steps, we’ll dive deeper with AIVP members and others joining the initiative.

Q&A: Focusing on a sustainability criteria for financial products, what are the associated challenges?

Géraldine Andrieux: That’s a great question we’ve received: is sustainable finance more focused on Europe, or is it a global trend? We know we have participants joining from the U.S. today as well. So Denis, what’s your view? Can green projects and sustainable finance apply equally in Europe and elsewhere?

Denis Viennot: It’s absolutely a global trend. Interestingly, China is currently the country that has invested the most in the transition to green infrastructure. That may seem counterintuitive given its industrial profile, but the investments are real and significant. You also see strong engagement in African cities, Cape Town being a good example, as well as in Latin America and across the U.S. So it’s not just a European movement; it’s happening worldwide. This isn’t just about following trends or guidelines: it’s about building the future of cities. It’s about public health, climate resilience, and even long-term economic performance. The upfront costs can be high and financing can be complex, but the long-term benefits, both social and economic, are substantial.

Géraldine Andrieux: We also had a question about the role of the European Commission. Some city-level projects already receive European support for innovation. Do you think that type of backing helps bring in more financial players?

Denis Viennot: Absolutely. The European Commission plays a critical role, and I know there are many experts here today who can speak to this. For example, there’s a €400–500 million program supporting port city transitions to green infrastructure and alternative fuels, through what’s known as the Alternative Fuels Infrastructure Facility. That’s just one example. Beyond that, institutions like the European Investment Fund (EIF) and the European Investment Bank (EIB) are heavily involved in funding these transitions. So yes, the European Commission’s support, from both an innovation and infrastructure financing perspective, is essential.

Géraldine Andrieux: Yes, and we’ll soon be discussing the EU’s Clean Industrial Deal too, which is also dedicated to supporting port cities. So, collaboration with the European Commission is clearly important, both in terms of innovation and infrastructure development.

Denis Viennot: Definitely. And beyond Europe, you also have institutions like the World Bank’s IBRD, the Global Environment Facility, and various UN entities offering significant support for port city transitions. Regional development banks, such as the Asian Development Bank, Inter-American Development Bank, and African Development Bank, are also very active and well-funded. They all play a critical role in helping port cities adapt and evolve.

Géraldine Andrieux: Exactly, and that’s one of the goals of this initiative. We’re building a network of financial players, both public and private, to support maritime innovation and infrastructure for climate and ocean action. If you’d like to receive more information on these efforts, please let us know, we can tailor it to your profile, whether you’re a port city, an innovative company, or another type of organization. And Denis, a final follow-up that keeps coming up: how would you distinguish between public and private financing for port cities? We’ve talked about blended finance, but do you think they bring different expectations?

Denis Viennot: Yes, absolutely. Public and private funding are fundamentally different. With private investors, you have to address their specific concerns, whether that’s through structuring the right concessions, managing risk levels, or ensuring adequate returns. But the important point is that public and private funding now work more closely together than ever. There are many bridges between the two, and when well-aligned, they create powerful opportunities for cities.

Géraldine Andrieux: Exactly. And as we’ve seen in discussions around sustainable finance, ESG can actually become a business opportunity for port cities. Some financial institutions are required to invest in ESG-compliant projects, and port cities, by their nature, can contribute to all three pillars: Environmental, Social, and Governance. So there’s real potential to explore that further.

Closing Remarks & Next Steps: From Inspiration to Action

Géraldine Andrieux: So, I think we’re going to have to conclude now. Again, we are looking forward to seeing you all on April 24 with Isabelle Delas from LuxFLAG, where we’re going to also deep dive a bit more on sustainable finance. Thank you so much, Denis, for answering all our questions. I see that we have a lot more questions, but we will answer them separately in more detail. We will have the great pleasure to have you with us also on the 6th of June in Monaco to be part of this co-construction approach where we can bring your expertise not only supporting infrastructure and project but also innovative company to reach their target in financing and raising funds so that’s quite interesting. So, thank you very much Marine for organizing it and looking forward to seeing you all if you have any questions don’t hesitate to contact us. Thank you again Denis.

Is Sustainable Finance an Opportunity for Port Cities and Their Ecosystem?

With Isabelle Delas, CEO of LuxFLAG, promoting transparency and credibility in ESG investments

As part of the Financing Maritime Innovation and Infrastructure for Climate and Ocean initiative, this digital session featured a forward-looking dialogue between Géraldine Andrieux, President of BLUMORPHO, and Isabelle Delas, CEO of LuxFLAG. The exchange focused on the evolving role of port cities in sustainable finance, examining how they can turn ESG-related challenges into drivers of innovation and investment. With her extensive background in sustainable finance across global markets, Isabelle Delas shared valuable insights into current trends, opportunities, and barriers shaping the financial transformation of urban-port ecosystems. The conversation also emphasized the importance of attracting private capital through the creation of new revenue-generating services rooted in innovation. Held in collaboration with AIVP, and exceptionally open to non-members, this interactive session further advances the initiative’s collective effort to position port cities at the forefront of the environmental transition.

Isabelle Delas is CEO of LuxFLAG, the global labeling agency for sustainable finance. She brings a wealth of experience in financing, with a strong focus on sustainable finance and a deep understanding of both developed and developing markets. Working at the intersection of financial innovation and sustainability, she helps to guide investment flows toward impactful projects.

This digital session is organized as part of the collaboration between Blumorpho and AIVP in the Financing Maritime Innovation and Infrastructure for Climate and Ocean initiative, designed to accelerate the financing of the environmental transition in port cities by enabling them to leverage innovation and develop new services that generate recurring revenues to attract private investors. Exceptionally, this session will also be open to non-AIVP members.

Transcription

Welcome & Introduction

Géraldine Andrieux: Hello everyone, welcome to this second webinar dedicated to financing maritime innovation and infrastructure for climate and ocean. We are organizing this session with the support of AIVP and the Prince Albert II of Monaco Foundation. I am very pleased to welcome Isabelle Delas, CEO of LuxFLAG. Today we will discuss how sustainable finance can help cities and ecosystems develop strategies for decarbonization, protect the environment, and attract private investment. Isabelle, you have strong expertise in enabling finance, gained through your work at Finance in Motion, focusing on public and private investment in climate challenges. You have participated in several COP conferences, and now, as CEO of LuxFLAG, you guide investments toward impactful projects at the crossroads of financial innovation and sustainability.

Isabelle Dellas: Thank you, Géraldine. LuxFLAG is the Luxembourg Finance Labelling Agency, created 19 years ago. We started with microfinance labels and expanded to environment, climate finance, green bonds, and social impact. We also developed ESG labels for mandates and insurance products. Our governance includes major institutions like the European Investment Bank and the Luxembourg Stock Exchange. Today, we label 249 financial products distributed in over 70 countries, and we focus solely on financial products, not corporate entities. As a non-profit, our mission is to empower the international financial community by awarding trusted labels based on rigorous procedures.

Géraldine Andrieux: Your work is highly relevant to urban-port ecosystems. We will return to this connection during our discussion. A few words about our initiative: AIVP gathers more than 200 port cities and promotes eco-transition globally. At BLUMORPHO, we focus on facilitating access to innovation and financing for impactful projects, particularly for port cities. We are also supported by the Prince Albert II of Monaco Foundation, committed to ocean and environmental protection. On June 6th in Monaco, we will gather cities and partners to drive new sustainable projects, and I will share more about this event later.

Urban-Port Ecosystems: The Key to Maritime Decarbonization

Géraldine Andrieux: If we are talking today about financing maritime innovation, and if many port cities are joining us, it is because the maritime industry is a major sector. It is worth over 2 trillion euros and accounts for around 3% of global carbon emissions. A large part of it relates to the shipping industry, but the maritime sector is even broader. Today, we face a major challenge. Competing with fossil fuels remains very difficult. Only 0.01% of ships currently use renewable energy, and renewable energies are not yet competitive in terms of cost, volume, or energy density. This creates significant technological and financial challenges. If we want to accelerate access to renewable energy, we must enable its production and supply at scale. Here, port cities and their ecosystems play a crucial role. It is important for port cities to become energy hubs, but they must do so while protecting biodiversity, public health, and ensuring inclusiveness that benefits local populations. The relationship between the maritime industry, local communities, and environmental protection is fundamental. Port cities are truly the orchestrators of this transformation. To support this transition, key areas of focus include developing green infrastructure, promoting renewable energy, enhancing waste management, addressing ship recycling and refitting, and protecting biodiversity. Digitization will also play a vital role in designing, monitoring, and reporting sustainable actions. Strong financial support will be needed, and through collaboration with AIVP, the Prince Albert II Foundation, and LuxFLAG, we aim to build the right combination of innovations and financial tools to drive the eco-transition of maritime industries.

Why is Sustainable Finance an Opportunity for Port Cities to Reinforce their Access to Funding?

How to Define Sustainable Finance?

Géraldine Andrieux: We will now explore why sustainable finance represents a real opportunity for port cities to access private funding. To start, Isabelle, could you help us define what sustainable finance really means?

Isabelle Dellas: Sustainable finance refers to financial activities like investment, lending, and insurance that explicitly integrate environmental, social, and governance (ESG) considerations. On the environmental side, we address climate change mitigation and adaptation, biodiversity protection, and the circular economy. On the social side, we look at labor conditions, community development, and human rights. For governance, it includes management structures, employee relations, and executive remuneration. Sustainable finance is not just about accessing capital; it is about strategically driving long-term transformation. It enables public and private capital to support a sustainable, inclusive, and climate-resilient economy.

Géraldine Andrieux:
That resonates strongly with the challenges and missions of urban-port ecosystems. ESG dimensions are very close to their daily activities.

Isabelle Delas:
Exactly. Port cities have always been key strategic hubs, and today they are at the center of the transition toward a more sustainable economy, especially with the rise of the blue economy compared to the green economy.

Why Does it Matter Especially for the Blue Economy?

Isabelle Dellas: Despite growing attention, we still see increasing floods, fires, biodiversity loss, and social inequalities. Oceans absorb 25% of CO2 emissions and 90% of excess heat. They are essential to the planet’s stability, yet the blue economy remains largely underfunded. There is a lot of opportunity because the sector is still emerging and needs financing for projects that are sustainable and impactful. Regulatory drivers like the Paris Agreement, the European Green Deal, and the UN Sustainable Development Goals, especially SDG 14 on life below water, highlight the need for action, but funding remains insufficient.

Géraldine Andrieux: That means that for impact investors, port city projects aligned with these SDGs could be very attractive.

Isabelle Dellas: Exactly. Here in Luxembourg, we already have over 30 funds dedicated specifically to the blue economy, and this number is growing. The blue economy will likely be one of the fastest-growing areas in sustainable finance in the coming years.

What are the Current Trends in Sustainable Finance?

Géraldine Andrieux: Isabelle, could you tell us about the current trends in sustainable finance? There are concerns that it might lose momentum, especially with some setbacks in European regulations. However, there seems to be a shift. What is your perspective on this?

Isabelle Dellas: Sustainable finance has moved beyond being a niche area, it’s now mainstream, and its growth continues. While there are occasional setbacks, particularly in regulation, the momentum remains strong. Climate change impacts are becoming more evident, and new investor expectations are pushing the market forward. A new generation of investors, especially family offices, is keen to support projects that offer real environmental and social impacts. ESG factors are increasingly recognized for their ability to influence both risks and returns, making sustainable projects not just a compliance exercise but a source of profitable and resilient investments.

Géraldine Andrieux: It sounds like sustainable finance is increasingly seen as a business opportunity, not just about compliance. Are there particular areas that are emerging as significant opportunities for investors?

Isabelle Dellas: Absolutely. There is now a significant focus on areas beyond traditional climate and social themes. Biodiversity finance, nature-based solutions, and the blue economy are gaining momentum. Investors are seeking new opportunities where impacts are measurable and align with global sustainability goals. The importance of nature, and particularly oceans, is becoming central to these efforts. At the same time, we are seeing the emergence of new financial instruments, such as blue bonds, natural capital bonds, and sustainability-linked bonds (SLBs), which are becoming increasingly attractive to investors. Additionally, blended finance, which combines public and private funding to de-risk investments, and transition finance, which supports sectors working towards net-zero objectives, are crucial innovations in scaling up sustainable investments.

What are the Main Challenges in Sustainable Finance?

Géraldine Andrieux: One of the main challenges often discussed is the lack of trust and transparency in sustainable finance. While regulations now require more disclosures, reliable and comparable data is still scarce. How important is data quality in assessing sustainable investments?

Isabelle Dellas: The main challenge is indeed the lack of trust and transparency. Despite regulations requiring more disclosures, the availability of reliable data remains limited. Data quality is crucial to properly assess and monitor sustainable investments. In the future, innovations like satellite data will help make data more accessible and affordable, especially for energy and environmental projects.

Géraldine Andrieux: Another issue we hear often is the complexity of different regulatory frameworks. With over 50 taxonomies worldwide, navigating this fragmentation can be a significant barrier. How does this regulatory fragmentation affect sustainable finance?

Isabelle Dellas: You’re absolutely right. Regulatory fragmentation is a major challenge. With more than 50 different taxonomies globally, it’s difficult for international projects to align with all the frameworks. Even in Europe, where there are efforts to harmonize, the complexity remains. This makes it challenging for projects to align with multiple standards, which complicates sustainable investment.
Another challenge we face is the limited availability of public funding. Public money is being allocated to other urgent priorities, and as a result, there is less funding available for sustainable investments. This makes private capital even more important. To bridge the funding gap, private investors will need to play a central role, especially in sectors like the blue economy, where the need for funding is high, and traditional sources are insufficient.

How to turn ESG into a Business Opportunity for Port Cities?

Géraldine Andrieux: Isabelle, ESG is often seen as a regulatory constraint, but how can we turn it into a business opportunity, especially for port cities? What would be the best way to leverage ESG for sustainable growth?

Isabelle Dellas: To turn ESG into a business opportunity, port cities need to clearly identify their strengths. Marine renewable energy, port infrastructure development, shipping, and waste management all present strong opportunities if properly developed. The key is for port cities to present clear, well-developed projects that include measurable KPIs, a sustainable roadmap, and a transparent long-term strategy. These qualities are highly attractive to investors. Port cities have unique advantages: they are often well-positioned geographically, and a large portion of the population lives in or near them, creating rich opportunities for growth and investment.

Géraldine Andrieux: It sounds like a well-organized strategy with clear objectives is essential. How can port cities ensure they meet the expectations of sustainable finance investors? And what types of investments are they most likely to be attracted to?

Isabelle Dellas: Yes, a strong project with clear, long-term vision and strong profitability prospects is essential. Investors expect measurable results. For example, sustainability-linked bonds (SLBs) are becoming more popular as they are tied to specific impact goals, such as reducing CO2 emissions or improving energy efficiency. These bonds allow for flexibility and help attract investors who might otherwise be hesitant to engage in traditional green or social bonds. Port cities that align their projects with ESG criteria and demonstrate their long-term sustainability will appeal to both impact funds and private equity, which are growing in importance, especially in emerging markets.

How Can Port Cities Match Sustainable Finance Investor’s Expectations?

Géraldine Andrieux: Isabelle, based on your experience, what are the key criteria port cities need to meet to match the expectations of sustainable finance investors? From what we’ve discussed, having a clear long-term vision, reliable partners, and measurable KPIs is crucial. How important is transparency in reporting and demonstrating impact?

Isabelle Dellas: Transparency is essential. Investors expect a clear, sustainable roadmap with realistic objectives. Port cities must demonstrate measurable progress, not only in financial terms but also in their social and environmental impact. Alongside this, aligning with ESG standards is necessary. Projects must show that they are progressing toward these goals, with a well-structured reporting process to track and communicate results. Investors want to see that the project has a credible and achievable plan, and this transparency in reporting helps ensure that the project remains accountable.

Géraldine Andrieux: So, ensuring transparency and alignment with ESG standards is vital. How about profitability expectations? Do investors in sustainable finance have specific returns on the investment targets they aim for when evaluating port city projects?

Isabelle Dellas: Profitability remains important. Impact investors typically seek an internal rate of return (IRR) between 5% and 10% over a period of 12 to 15 years. However, it’s not just about financial return. Investors also evaluate the quality of governance, the social and environmental impact, and the ability to manage risks effectively. Balancing these factors with a clear, measurable strategy makes a project more attractive to investors, ensuring long-term success. Additionally, the credibility of the project is crucial, and having trusted third-party certifications or external validations can be very beneficial in this regard. These certifications provide investors with confidence that the project has undergone rigorous evaluations and meets high sustainability standards.

Building Impactful Partnerships with NGOs (Example: Marins sans Frontières)

Géraldine Andrieux: Isabelle, some port cities are already collaborating with NGOs. For example, Marins sans Frontières works with coastal populations, helping fishermen and women access better resources and improve fish preservation. Do you think partnerships with NGOs can help cities attract investors?

Isabelle Dellas: Partnering with NGOs can be very valuable, especially if the NGO is well-recognized and credible. It helps demonstrate a real societal and environmental impact, which is increasingly important for investors. NGOs can also contribute to the due diligence process and reinforce the quality of the project’s social dimension. However, it is important to select partners carefully, based on their experience, their reputation, and their ability to deliver concrete results.

Géraldine Andrieux: Absolutely, the track record of the NGO matters. Some NGOs, like Marins sans Frontières, have received awards and support through microfinance programs, which help them develop local initiatives linked to port ecosystems.

Isabelle Dellas: Exactly. Collaborating with such organizations can make projects stronger and more appealing for sustainable finance players.

Who are the Typical Financial Partners to Consider for Port Cities?

Géraldine Andrieux: Port cities have various financial partners to consider, from public institutions to private equity investors, venture capital firms, and impact funds. With the growing role of the private sector, how critical are these investors for port cities?

Isabelle Dellas: Private investors are becoming increasingly essential. While governments and public banks have traditionally been the go-to partners, the private sector is now playing a significant role. Private equity investors, venture capital firms, and impact funds are actively seeking well-structured, sustainable projects. These investors are particularly interested in projects that are transparent, trustworthy, and demonstrate strong governance. Impact funds, in particular, can invest in companies or projects based on the legal structure of the investee, which is a key part of their strategy. They offer not just capital but also strategic support and expertise, which are critical for achieving strong ESG performance.

Géraldine Andrieux: So, private equity and impact investors are becoming key players. Are there other financial products or structures that port cities should explore to attract these investors?

Isabelle Dellas: In addition to private equity, port cities should explore blended finance structures, which combine public and private funding to de-risk investments. This approach is gaining popularity among impact investors. Furthermore, financial products like sustainability-linked bonds (SLBs) are becoming more attractive. SLBs offer flexibility compared to traditional green and social bonds, helping port cities attract a wider range of investors. These financial structures are especially useful for long-term projects, particularly in emerging markets, where risks tend to be higher. They allow for alignment between financial and sustainability goals, making them appealing to both public and private investors.

What are the Most Interesting Financial Products Likely to Match with Port Cities’ Needs and Expectations?

Isabelle Dellas: Several financial products are very relevant. Green bonds and blue bonds remain important tools to finance sustainable infrastructure and maritime projects. Sustainability-linked bonds (SLBs) are also becoming increasingly attractive. They allow port cities to tie financing conditions to achieving specific impact goals, such as CO2 reduction or renewable energy usage.

Géraldine Andrieux: SLBs seem particularly interesting because they adapt to project performance.

Isabelle Dellas: Exactly. SLBs are flexible and can open access to sustainable finance for cities that may not have the scale needed for traditional green bonds. They link financial conditions to achieving pre-defined ESG targets, which investors appreciate. Blended finance mechanisms also play a role, combining public and private funding to de-risk investments and make projects more attractive to private sector players.

How Can Port Cities Match Expectations of Sustainable Finance Investors?

Géraldine Andrieux: Isabelle, if you had to give port cities a checklist to better meet the expectations of sustainable finance investors, what would it include?

Isabelle Dellas: First, cities need projects with a clear and long-term vision, built with reliable and experienced partners. Defining measurable KPIs from the beginning is critical. Transparent reporting is also essential, both on financial performance and ESG impact. Investors expect clear governance structures and trust in the project’s management.

Géraldine Andrieux: And regarding the financial aspect, is there a minimum profitability expectation?

Isabelle Dellas: Yes. For many impact investors, a return between 5% and 10% over a 12 to 15-year period is generally considered attractive. However, profitability must always be combined with strong ESG performance. Having certifications or a recognized label can also significantly strengthen a project’s credibility and make it more appealing to investors.

Financing Maritime Innovation: Process, Key Topics and June 6th Co-Creation Day

Géraldine Andrieux: As part of this initiative, we are actively engaging with port cities and their ecosystems to better understand their investment priorities and project needs. This work will culminate in our gathering on June 6th in Monaco, where port cities, innovators, investors, and strategic partners will meet.
The day will be dedicated to co-creating actionable and bankable projects through workshops and one-to-one meetings. Participants will have the opportunity to present their initiatives, identify synergies, and design tailored financial solutions.
This approach will continue with the Blue Economy Finance Forum on June 7th and 8th, and later during the AIVP World Conference. Our goal is to align technical innovation, sustainable finance, and the needs of port ecosystems to drive their ecological and economic transition. We invite all port cities, investors, and innovators to join this process and contribute to shaping the future of maritime innovation.

What is the Connection Between Sustainable Finance and the Insurance Sector?

Géraldine Andrieux: When discussing sustainable finance, the role of insurance often comes up, especially in relation to the increasing risks posed by climate change. Port cities face significant challenges in protecting their infrastructure and operations. Could you explain the connection between sustainable finance and the insurance sector, and how this is particularly relevant for port cities? Specifically, how do insurers contribute to both risk mitigation and attracting investments for resilience projects?

Isabelle Dellas: Insurance plays a dual role in sustainable finance. On one hand, it helps protect infrastructure and operations against the growing risks linked to climate change. On the other hand, insurers are also major institutional investors. Many insurance companies are increasingly aligning their investments with ESG criteria and are supporting projects that contribute to sustainability. Insurance-linked securities, such as catastrophe bonds, are emerging as innovative financial tools that combine risk mitigation with sustainable finance. For port cities, working with insurers is not only about protecting assets but also about accessing investors who are financing resilience and transition strategies.

How Can Technologies Support Port Cities to Reinforce their Access to Sustainable Finance Products?

Isabelle Dellas: Technology is a key enabler. Tools like satellite data, artificial intelligence, blockchain, and IoT allow cities to collect, analyze, and report environmental data more efficiently. For investors, having reliable, traceable, and verified data is crucial to assess the impact of projects.
Technology also helps to improve project monitoring and transparency, making financing structures more attractive. For example, tracking CO2 emissions, energy consumption, and biodiversity indicators in real time reassures investors and facilitates access to sustainable finance instruments.

Is LuxFLAG Only Dedicated to Luxembourg Entities?

Géraldine Andrieux: Since LuxFLAG stands for Luxembourg Finance Labelling Agency, some might wonder if it is limited to Luxembourg. Isabelle, could you clarify?

Isabelle Dellas: LuxFLAG is not limited to Luxembourg entities. Although based in Luxembourg, we operate globally. Most of the financial products we label are distributed internationally. Our mission is to support sustainable finance worldwide by providing trusted labels to any eligible financial product, regardless of its domicile. We also work on building bridges with other financial centers to encourage the development of sustainability practices everywhere.

Can We Collaborate with Investors and Institutions Labeled by LuxFLAG?

Isabelle Dellas: Absolutely. One of our missions is to foster collaboration within the sustainable finance community. Through our network of labeled products and associate members, we encourage connections between investors, financial institutions, and project leaders. We also facilitate knowledge-sharing and discussions around sustainability topics. If a port city or a project aligns with sustainability standards, we can help build links with interested investors. Additionally, LuxFLAG’s strong governance, supported by professional associations and institutions like the European Investment Bank and the Luxembourg Stock Exchange, provides a stable foundation for fostering these connections. We aim to empower the international financial community to achieve its sustainability goals by providing a rigorous, trusted labeling process that ensures the highest standards of impact and trustworthiness. Our work is global, with projects labeled and distributed in over 70 countries, and our Associate Membership program actively contributes to this mission by connecting members with opportunities for impactful investment.

How Long Would it Take for a Port City to Access Finance? How to Accelerate the Process?

Géraldine Andrieux: If a port city wants to secure financing, how long should it expect the process to take, and how can it be accelerated?

Isabelle Dellas: The timeline can vary. In general, it can take from a few months to over a year, depending on the maturity of the project and its preparation. Having a clear strategy, measurable ESG outcomes, reliable partners, and external validation can significantly speed up the process. Participating in accelerator programs can also help structure projects faster and connect with potential investors more efficiently.

Closing Remarks

Isabelle Dellas: The ocean economy today generates around 2.5 trillion US dollars annually, making it the seventh-largest economy in the world. It is expected to outgrow the global economy by 2030. Now is the time for port cities to position themselves as leaders in this sustainable transition.

Géraldine Andrieux: Thank you very much, Isabelle, and thanks to all participants. We look forward to continuing this collective journey, building impactful collaborations, and advancing the financing of maritime innovation for climate and ocean protection.

May the 6th - Digital Session with Bordeaux City

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Join our actions

Blumorpho works accross the whole blue economy ecosystem. We are happy to have you involved in more actions.

Financing Maritime Innovation

Mobilizing innovation and sustainable financing for the transition of the urban port ecosystem

Share & learn on our Platform

Emerging trends in deeptech for 2025, featuring insights from leading innovators and investors

Blue Economy

Where strategic leadership and capital vision meet ocean-driven innovation

Financing Climate-Resilient Infrastructure and Projects: Challenges & Opportunities

With Denis Viennot, a Founding Partner of AltRaise, an independent investment bank dedicated to climate change and sustainability challenges

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Welcome & Introduction: Setting the Stage for Financing Maritime

Why Financing Green Urban Infrastructure Is Urgent: Key Figures

From Public Funds to Innovative Tools: The Full Spectrum of Green Financing Options for Cities

Attracting Private Capital to Urban Green Projects: Strategies That Work

Understanding Financing vs. Funding: Building the Financial Foundation for Resilience

Financing Maritime Innovation: Process, Key Topics & June 6th Co-Creation Day

Q&A: What exactly is a bond? What’s the difference between a bond and a loan?

Q&A: Focusing on a sustainability criteria for financial products, what are the associated challenges?

Closing Remarks & Next Steps: From Inspiration to Action

Is Sustainable Finance an Opportunity for Port Cities and Their Ecosystem?

With Isabelle Delas, CEO of LuxFLAG, promoting transparency and credibility in ESG investments

Transcription

Welcome & Introduction

Urban-Port Ecosystems: The Key to Maritime Decarbonization

Why is Sustainable Finance an Opportunity for Port Cities to Reinforce their Access to Funding?

What are the Main Challenges in Sustainable Finance?

How Can Port Cities Match Sustainable Finance Investor’s Expectations?

Financing Maritime Innovation: Process, Key Topics and June 6th Co-Creation Day

What is the Connection Between Sustainable Finance and the Insurance Sector?

Is LuxFLAG Only Dedicated to Luxembourg Entities?

Can We Collaborate with Investors and Institutions Labeled by LuxFLAG?

How Long Would it Take for a Port City to Access Finance? How to Accelerate the Process?

Closing Remarks

May the 6th - Digital Session with Bordeaux City

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Transcription

Join our actions

Financing Maritime Innovation

Share & learn on our Platform

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