Blue Economy

Where strategic leadership and capital vision meet ocean-driven innovation

Step inside the minds of visionary investors. Gain the strategic edge you need to fund,
grow, and scale your impact in the maritime innovation space.

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.

Deploying Port Innovation, with Port of Bordeaux and Port of San Diego

With Jean-Frédéric Laurent, Jason Giffen, and Paula Sylvia, driving the environmental transition of port ecosystems through innovation and collaborative action

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 innovation leaders from two prominent ports: Jean-Frédéric Laurent, CEO of Grand Port Maritime de Bordeaux, and Jason Giffen, Vice-President of Planning & Environment and Paula Sylvia, Program Director of Aquaculture & Blue Technology from the Port of San Diego. The discussion focused on how port authorities are transforming their ecosystems into incubators for innovation, enabling the deployment of pilot projects, startup collaborations, and new economic models aligned with sustainability goals. Drawing from their respective experiences, the speakers shared concrete examples of smart infrastructure development, blue economy programs, and strategic partnerships that are driving both environmental and economic value. Held in collaboration with AIVP, and with the support of Prince Albert II of Monaco, this session was exclusively open to its members and designed to help them prepare for impactful participation in the ongoing initiative.

For this digital session, Blumorpho, together with Jean-Frédéric Laurent from Grand Port Maritime de Bordeaux, Jason Giffen and Paula Sylvia from the Port of San Diego, will address how innovation-led ports are building strategic and financial collaborations by incubating solutions within their ecosystems. 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. This session is exclusively open to AIVP members interested in accelerating innovation and sustainability within port ecosystems.

Jean-Frédéric Laurent is the CEO of the Grand Port Maritime de Bordeaux, one of France’s most forward-looking ports. He is leading the port’s strategic transformation by fostering innovation, embracing startup collaboration, and driving sustainable development. Under his leadership, the port has integrated smart infrastructure and data-driven solutions to enhance operational efficiency and resilience. He will share his experience in building a dynamic innovation ecosystem within an industrial port network.

Jason Giffen is Vice President of Planning & Environment at the Port of San Diego, where he leads the port’s environmental and innovation strategies. With over 20 years of experience in marine and coastal planning, Jason plays a key role in advancing sustainable development and supporting innovation deployment. He will share his expertise in creating a favorable environment for pilot projects and startup collaboration.

Paula Sylvia is Program Director for Aquaculture & Blue Technology at the Port of San Diego. She leads the Blue Economy Incubator, fostering projects that combine environmental impact with economic growth. With a background in marine science, Paula brings valuable insights into building innovation programs within port ecosystems.

Transcription

Welcome & Introduction

Géraldine Andrieux: Welcome everyone to our session on Financing Maritime Innovation for Climate and Ocean. We have an interactive discussion planned, so please submit your questions. Joining me today are Jean-Frédéric Laurent from Port de Bordeaux, Paula Sylvia from Port of San Diego, and Marine from BLUMORPHO.

Jean-Frédéric Laurent: Hello Geraldine, thanks for the invitation.

Paula Sylvia: Hello, glad to be here.

Marine Hamelin: Hi everyone, thank you for joining.

Géraldine Andrieux: To give a bit more background, today’s session is organized in partnership with AIVP, the leading international network gathering over 200 port cities, and the Prince Albert II Foundation, committed to ocean conservation through extensive international collaborations. At BLUMORPHO, our mission is to foster the adoption of innovative solutions and secure appropriate financing to support sustainable maritime developments. The decarbonization of the maritime sector is a complex global challenge requiring collaboration between ports, innovative startups, and robust financial strategies. Today, we’ll examine how port cities and their ecosystems can effectively drive progress towards achieving net-zero objectives. Jean-Frédéric, could you begin by sharing more about Bordeaux’s specific characteristics and initiatives?

Could you share a bit more about the port of Bordeaux and its specific characteristics?

Jean-Frédéric Laurent: Thank you, Geraldine. As I only have 10 minutes, I think, I guess, if I know the program, I will go straight to the point and I will not be too long on the port of Bordeaux. Port of Bordeaux is a port, so I’m not going to make a very long description for installation. We have ships, terminals, cranes, and all the kinds of stuff you can find in a port, industry, people, and we are close to some big cities, so we have a role of giving these cities access to the So, that’s the main role of the port of Bordeaux and of the main port in the world.

We are quite important in the area for jobs, for value added in the territories, and we’ve got some high-voltage electricity grid, like in most industrial areas, water resources, storage, distribution facility, railroad. So, everything which will count in the future of decarbonization and low carbon industry. So, I’m not going to go further in the description of the port of Bordeaux, that’s not the main point of our exchange today. So, we have decided with all the industrial partners of the area of Bordeaux to reach a minus 93 percent of the fossil CO2 emission by 2050. That’s quite a strong objective. And we are going to enforce this with cooperation between the different parties. You can see several names on this slide. But to do that, we will first need to be qualified as a place where the future post-fossil industries will be happy to invest. So, we are going first to set up the conditions for a good place for these industrial investments.

Géraldine Andrieux: Very good, very good. And I think you have also some specificities in terms of access to CO2, but also how to use CO2.

Jean-Frédéric Laurent: Yes, let’s do a little bit of chemistry because I’m not a teacher, but to be very short on this presentation. Whatever you do in industry, it’s all about chemistry. You’re talking about petrochemical industries, chemistry, you’re talking about post-fossil industry, it’s also chemistry. The only difference is that you use renewable resources. That’s the difference. The risks are the same, the techniques are almost the same, the investments are as big as in the petrochemical industries, the only difference is that you use renewable resources. The main renewable resources you must use is H2 and CO2 and when you mix H2 and CO2 you can reconstruct molecules and these molecules give some different products which can be used to decarbonize our industries, the shipping industries, and at the same time, aviation. You can see it on the slide. Main output of all this chemistry is, for instance, methanol for ships, its sustainable aviation fuels, and recycled products.

That’s the big picture of what we want to reach in 2050, is to convert this mainly fossil-based industry into post-fossil industry using all these chemical ingredients. We have one very specific characteristic you can find in some other areas in the world is that we have a very large piece of forest close to Bordeaux and this forest is used in the paper industry for instance. And when you use the forest and the biomass to produce paper for instance, you produce, you emit biogenic CO2, and this biogenic CO2 is already compensated for by the difference with fossil CO2. You don’t emit more CO2 using the biomass resource. So, using this CO2 in replacements with fossil CO2, you can convert it into new molecules in the post-fossil industry.

What are your current development projects for which you are seeking financial partners?

Géraldine Andrieux: That clearly outlines Port de Bordeaux’s approach to decarbonizing the maritime industry and related urban areas. Could you specify some of the key projects currently underway, particularly those seeking financial support?

Jean-Frédéric Laurent: Certainly. We have several significant projects involving our industrial partners. Key among these is building a comprehensive CO2 pipeline network to effectively capture and transport CO2, constructing a specialized liquefaction facility for carbon dioxide storage, and creating robust storage solutions to handle captured CO2 safely. Additionally, we are developing facilities for hydrogen production and ammonia cracking, essential for creating post-fossil fuels and resources. We also plan to establish advanced refineries dedicated to sustainable aviation fuels and methanol production. Furthermore, securing green electricity through renewable energy sources, potentially via power purchase agreements, and ensuring reliable industrial water supply are critical elements of our strategy. Collectively, these initiatives represent multi-billion-euro investment opportunities, with securing funding being our primary ongoing challenge.

What are your main challenges, and how are you working to secure financing?

Géraldine Andrieux: Exactly, that’s why this initiative focuses on financing maritime innovation. Beyond funding, you’re also exploring new technologies, which we’ll revisit later. But for now, what are the main challenges you face in accessing finance for these transition projects?

Jean-Frédéric Laurent: The challenge lies in financing the transition itself. We know how to fund traditional industries, ports, and cities. But transitioning these ecosystems into low-carbon, post-fossil systems is a new territory. Right now, there’s a disconnect transition projects struggle to access financial markets because the frameworks don’t align. It’s like trying to teach a chicken to use a knife it simply doesn’t work unless we redesign the tools and the system.

We’re not financial experts, so we’re building a framework to strengthen our credibility. First, we rely on our network including strong allies like the Port of San Diego and the International Association of Port Cities. These partnerships are ideal for launching collaborative initiatives like green shipping corridors and sharing best practices across different urban-port environments.

Second, certification is critical. To attract investment, we need recognized validation of our efforts. That’s why we’re working with Green Marine, a well-established North American environmental certification initiative, now joined by over 500 members. Our goal is to certify not only the port but also ships and, ultimately, the entire ecosystem.

Third, we need robust and transparent reporting. Current reporting obligations are complex and resource intensive. To streamline this, we’ve developed a digital twin for the Port of Bordeaux and the surrounding city. It allows us to simulate and monitor our operations and measure their environmental impact in real time. This tool is crucial for validating decarbonization efforts, ensuring transparency, and communicating effectively with financial stakeholders. We’re also using it to model climate scenarios and assess their influence on industrial and urban systems.

Géraldine Andrieux: Thank you, Jean-Frédéric. This gives a very clear picture of the barriers and strategic actions required to connect innovation and finance. We’ll circle back to this after hearing from Port of San Diego.

Would you mind briefly introducing the Port of San Diego and your main strategy for decarbonization?

Géraldine Andrieux: Let’s turn to the Port of San Diego. Jason, could you give us a brief overview of the port and share your main strategy for decarbonization?

Jason Giffen: Sure. The Port of San Diego, active since 1962, operates as a public corporation under the state of California. It spans 14,000 acres of San Diego Bay and manages assets like hotels, marinas, cruise terminals, and industrial areas. It serves five cities, including San Diego, which holds the majority of our board seats. Our location near the U.S.-Mexico border gives us a key role in the global port network. We started focusing on ocean innovation and decarbonization in the early 2000s with a climate action plan addressing greenhouse gas emission. As regulator, landlord, operator, and environmental steward, we’ve adopted a broad approach to support the blue economy.

Though we have taxing authority, we operate under a civic entrepreneurship model, generating revenue through partnerships. This supports both port operations and the environmental health of San Diego Bay. We work with established and emerging businesses to implement sustainability and CAPEX projects that cut emissions and improve air quality. As an urban port, it’s also essential for us to be a good neighbor. Our Maritime Clean Air Strategy, adopted in 2021, aims to electrify every part of our maritime supply chain from harbor craft to shore power and heavy-duty trucks. While some ports invest in renewable fuels, we’ve chosen to lead with electrification. We’ve pioneered several firsts, like launching the E-Wolf, the first fully electric tugboat. At our 10th Avenue Marine Terminal, we operate two ultra-heavy lift electric cranes powered entirely by solar energy and supported by a battery-backed microgrid. These cranes, among the most powerful on the West Coast, move non-containerized cargo and refrigerated goods. The microgrid, built with state support, adds energy redundancy and feeds power back to the grid. This project reflects our long-term commitment to renewable infrastructure and climate resilience.

How do you finance your decarbonization and environmental transition efforts?

Géraldine Andrieux: San Diego’s long-term approach is impressive. How do you finance such a major transition?

Jason Giffen: It’s a mix of public and private investment. Over the years, we’ve successfully secured significant federal and state funding to support our climate and infrastructure initiatives. These funds are complemented by matching contributions either from the port itself or from our commercial tenants who co-invest in sustainable upgrades. Altogether, we’ve mobilized $227 million for our electrification and decarbonization projects.

This kind of transformation doesn’t happen overnight. It requires long-term, integrated planning and a willingness to act before regulations force change. Acting early allows us to access competitive grants that often become unavailable once compliance becomes mandatory. One of our core approaches is piloting new technologies. A great example is the E-Wolf, our fully electric tugboat, which started as a pilot project. Its success allowed us to scale the model and present it as a replicable solution for other ports.

Our pilots aren’t just for local benefit. We actively share outcomes through international networks like AIVP and Green Marine, helping advance global port sustainability. These partnerships not only validate our efforts but also support the export of proven innovations.

Géraldine Andrieux: Thank you, Jason. Your approach makes it clear how strategic financial planning and innovation can align to drive real impact. It’s encouraging to see that San Diego isn’t just planning but actively shaping it through leadership and collaboration.

Your incubation program is well known. What motivated you to launch it? How do you collaborate with start-ups?

Géraldine Andrieux: We have many startups with us today who are eager to understand how you work with early-stage companies. Paula, could you tell us more about your Blue Economy Incubator?

Paula Sylvia: Absolutely. While Jason covered our broader mission, I’d like to focus on our Blue Economy Incubator, which supports emerging businesses in aquaculture, blue tech, and environmental innovation. Around 10 years ago, our Board of Port Commissioners launched a dedicated program to explore both the environmental and economic potential of these sectors. Under that initiative, we created an incubator to partner with early-stage companies by designing and funding pilot projects.

The incubator’s core mission is to de-risk new technologies. We co-develop pilot projects tailored to address environmental challenges at the port or explore new business opportunities aligned with the blue economy. These pilots provide startups with real-world testing grounds and help them build strong case studies to attract further investment. Our support includes financial backing and full access to our facilities.

The program has always been open on a rolling basis. We don’t set specific technological targets; instead, we focus on solutions that have a connection to our port, which is quite broad given our diverse operations. Our current portfolio includes projects in ocean data, aquaculture, nature-based solutions, and climate resiliency. To date, we’ve onboarded 11 companies, the most recent being Marine Labs from British Columbia. Importantly, nearly half of our startups come from outside the U.S., highlighting our openness to international innovators. By providing access to U.S. markets and leveraging our global partnerships, we offer significant value beyond just piloting, we help position startups for scalable growth and long-term success.

Which topics are you most interested in exploring through collaboration with start-ups?

Géraldine Andrieux: Paula, you mentioned that companies can apply anytime. Are there specific areas you’re currently prioritizing for startup collaboration? Any advice for those looking to engage with you?

Paula Sylvia: Yes, we keep the application process open to encourage a wide range of technologies, especially those that support environmental improvement or coastal resilience. While we don’t limit ourselves to specific sectors, we’re particularly interested in environmental remediation, like soil and water treatment to address legacy pollution. For example, our Econcrete project aims to enhance shoreline biodiversity while preserving structural integrity.

Aquaculture is another key focus. We’ve run successful pilots and are now planning long-term strategies to scale shellfish and seaweed farming. Innovation can play a big role in making these processes more efficient. We’re also keen on ocean data technologies, especially those enhancing maritime domain awareness and supporting maritime decarbonization.

Géraldine Andrieux: That’s great. I think many entrepreneurs here will appreciate the support you offer, especially since piloting and demonstrating innovations is a critical step toward market adoption. And I imagine the broader ecosystem is also central to your approach?

Paula Sylvia: Absolutely. We rely heavily on partnerships. The slide you saw earlier shows only a small part of our network. We work with numerous national and international partners, and they are vital to everything we do.

Géraldine Andrieux: That makes a lot of sense. From our conversations with startups at BLUMORPHO, we know how essential real-world demonstrations are. Before we turn to the Port of Bordeaux, could you explain a bit more about how you structure your investment in these pilot projects?

Paula Sylvia: Sure. We invest between $100,000 and $400,000 per pilot, which typically run from one to five years depending on the tech and company needs. As a public agency, we can’t take equity, so we follow our standard revenue-sharing model, like how we work with tenants. We collect a small percentage of gross revenue instead. This way, our success aligns with the company’s performance. It’s different from typical joint ventures but has proven effective in supporting early-stage innovation.

Géraldine Andrieux: That’s very insightful. Early-stage capital is expensive, so offering support through revenue share instead of equity can really help startups grow. Thank you, Paula, and thank you again, Jason. We’ll return to the discussion with more questions shortly.

Could you elaborate on the port of Bordeaux’s collaboration model with start-ups?

Géraldine Andrieux: Jean-Frédéric, how is the Port of Bordeaux engaging with startups?

Jean-Frédéric Laurent: Thanks, Géraldine. Our innovation work is new, especially compared to San Diego. We launched Bordeaux Technoports three years ago as part of our industrial transition strategy. It’s our second cohort of startups. While ports aren’t typically known for innovation, we knew we had to open to start up collaboration.

Our incubator gives selected startups access to our industrial area to test their solutions in real conditions. Each startup signs an agreement with the port or an industrial partner to install a demonstrator or run a proof-of-concept, depending on their maturity. These projects are directly linked to our ecological transition goals.

What’s unique is our integration with Bordeaux’s broader startup ecosystem. Technoports is one of several thematic incubators in the city, including green tech, energy, construction, and wine tech. The city also created an innovative fund to support startups, and we contribute to it, helping finance those that set up in our network.

One of our startups was recently recognized at CES in Las Vegas, a clear sign of the quality and potential of the companies we’re supporting.

Our main objective is to stay connected to innovation and lead our transition. If we don’t, we risk falling behind. Working with startups helps us identify the right technologies for decarbonization and make strategic decisions.

Géraldine Andrieux: That’s a strong approach. Port cities are uniquely positioned where industrial infrastructure, startup innovation, and finance intersect. It’s great to see Bordeaux creating this synergy to attract the right projects and funding. This reflects exactly what we aim to support in Monaco: ports working with startups to de-risk innovation and scale it globally. And it’s worth noting that Bordeaux’s broader ecosystem supports more than 500 startups across sectors, not just at the port.

Switching over to San Diego, Paula, how many companies are currently in your program?

Paula Sylvia: We have 11 startups in our portfolio and have invested just over $2 billion. We paused new investments during COVID, but in the last year and a half, we’ve been on board with two more companies.

Géraldine Andrieux: Excellent. Thank you both for sharing these insights.

Gathering in Monaco on the 6th of June

Géraldine Andrieux: As we wait for questions, Marine, could you walk us through what participants can expect at the Monaco event on June 6?

Marine Hamelin: Absolutely. The event will take place at the Monaco Youth Club with a view of the sea, an inspiring setting for high-level discussions. Attendees can expect a full program with expert panels and keynotes, many involving today’s speakers. There will also be one-on-one meetings pre-arranged with investors and stakeholders, targeted workshops to explore specific topics, and opportunities to present solutions to a relevant audience. As part of the Blue Economy and Finance Forum organized with the Prince Albert II Foundation, the event will connect startups, corporates, and investors. This is particularly important, as many financial players are eager to support maritime innovation but need stronger ties to the sector. The involvement of ports already working with startups helps de-risk these opportunities and foster meaningful collaboration. That’s precisely what we aim to achieve through our work with AIVP and this initiative.

Q&A Session & Conclusion

Géraldine Andrieux: : Let’s begin the Q&A. First question from Sharia, thanks for your comments. Her startup develops micro turbines for distributing hydropower from water streams. They’re seeking partners to test their solution and investors for commercialization. Interested?

Jean-Frédéric Laurent: We have a testing site near the Garonne River, close to the Port of Bordeaux, dedicated to hydropower technologies. We’d be happy to connect with them.

Géraldine Andrieux: Jason, Paula, any thoughts?

Jason Giffen: We’re open to engaging with startups. Before launching our incubator, we tested small-scale renewables like micro turbines for powering sensors. Now we support 11 companies, though none focus on renewables. California’s market is competitive, but we’re open to pilot projects if there’s a strong fit.

Paula Sylvia: You can easily find us by searching “Port of San Diego Blue Economy Incubator.” Our website explains the process and provides a contact email to reach out directly.

Géraldine Andrieux: Next question from Ruben about water. Are you working on stormwater management or rainwater reuse?

Jason Giffen: San Diego is a coastal desert with limited water, so we prioritize conservation. Reuse projects depend on scale and purpose. We’re open to discussions and have done testing to manage runoff effectively.

Géraldine Andrieux: Do your ports use Earth Observation data?

Jean-Frédéric Laurent: Yes, we buy EO services from external providers. The port is too small to manage it internally.

Géraldine Andrieux: EO is becoming essential to demonstrate environmental impact and support sustainable finance. Paula, would you like to add?

Paula Sylvia: Two of our newest incubator companies collect ocean data. One uses sonar buoys to gather underwater environmental data, the other uses surface sensors to monitor wind, waves and wakes, helping with climate resilience and security. This real-time data supports decision-making at the port. We’re also partners in a NOAA-funded ocean resilience accelerator led by Scripps Institute.

Géraldine Andrieux: Very interesting. We know a company working on smart ocean sensors measuring turbidity, salinity and CO2, sounds complementary. Another question, do you recover waste heat to reduce CO2 emissions?

Jason Giffen: The port has over 800 tenants, some in industrial sectors that produce waste heat. We act more as landlords, so we don’t manage their operations directly, but ports can help connect innovators with these businesses.

Géraldine Andrieux: Absolutely, especially as data centers grow, circularity will be key. What about hydrogen fuel cells for shore power?

Jean-Frédéric Laurent: We’ve launched a fuel cell factory to support various energy uses, including replacing diesel engines. But we don’t need them for shore power, as we already have enough electricity available.

Géraldine Andrieux: Are you encouraging collaboration across regions, like a startup scaling from San Diego to Bordeaux?

Jason Giffen: Yes, we’re working on dual pilots with other mid-sized ports and startups from British Columbia. We want to expand this model to tenants and partners, encouraging global collaboration, especially in green shipping. Large US ports are already partnering with Asia on these issues.

Géraldine Andrieux: That’s exactly what this initiative is about, helping companies scale through strong local ecosystems. The industrial zone around Bordeaux offers great opportunities. We’ll follow up with more details.

We’re closing the session now. We’ll share examples of companies supported by both ports soon. Don’t miss next week’s webinar with Tisha Mahaj from Republic Bank who will explain why investment in port cities and the innovation landscape is particularly relevant, especially for a Caribbean-based bank that has experienced the impacts of climate change and understands the importance of driving sustainability. So, don’t hesitate to join us next week with your questions. That goes for you too, Paula, Jason, and Jean-Frédéric. See you soon in Monaco.

May the 28th: How Private Banking Can Accelerate Innovation for the Eco-Transition and Climate Resilience of Port Cities – Republic Bank Case

With Tisha Marajh, Group Sustainability Officer at Republic Bank, a leading Caribbean bank managing nearly $19B in assets and operating in 16 countries

This webinar, organized as part of the Financing Maritime Innovation and Infrastructure for Climate and Ocean initiative, featured a conversation between Géraldine Andrieux, CEO of BLUMORPHO, and Tisha Marajh, Group Sustainability Officer at Republic Bank. Together, they explored how private banking can accelerate the eco-transition and climate resilience of coastal and port cities, drawing on Republic Bank’s experience across 16 countries. Using the Caribbean as a case study, the discussion focused on innovative financial schemes and collaborative models to support decarbonization and sustainable development. Géraldine Andrieux opened the session by welcoming AIVP members and participants committed to leveraging finance for impactful climate action. Tisha Marajh offered a comprehensive perspective on aligning sustainability with business viability, demonstrating how Republic Bank is shaping new standards in climate finance. This session, part of the co-construction journey towards the 6 June gathering in Monaco, contributed to identifying levers for unlocking private capital and scaling transformative solutions. Open dialogue revealed a strong interest in financial innovation as a driver of resilience and impact across maritime and urban-port ecosystems.

For this digital session, BLUMORPHO will welcome Tisha Marajh, Group Sustainability Officer at Republic Bank, to explore how private banking can drive the eco-transition and climate resilience of coastal and port cities. Using the Caribbean as a case study, Tisha will present innovative financial schemes and collaborative models that support decarbonization and sustainable development. This session will combine insights and dialogue to help AIVP members prepare for their participation in Financing Maritime Innovation and Infrastructure for Climate and Ocean.

This session is exclusively open to AIVP members committed to advancing sustainability through financial innovation. Attendees of the 22 May session are directly invited.

Tisha Marajh is the Group Sustainability Officer at Republic Bank, a leading Caribbean financial institution with nearly $19 billion in assets and a growing international presence. She is leading the development and execution of the bank’s sustainability strategy across 16 countries, positioning private banking as a key enabler of the eco-transition and climate resilience of coastal and port regions. Under her leadership, Republic Bank is fostering sustainability as a viable and impactful business model by deploying innovative financial schemes and collaborative approaches to support the decarbonization and sustainable transformation of maritime and urban port infrastructures. She will share her 360° perspective on the challenges and opportunities to finance climate impact.

Transcription

Welcome & Introduction: Creating the Right Ecosystem for Innovation

GÉRALDINE:

Hello everybody, and welcome back to our digital session on financing maritime innovation and infrastructure for climate and ocean sustainability.

We have a very interesting session today, as usual for those of you who have been participating over the past few weeks.

At BLUMORPHO, we value interactivity, so we encourage you to ask your questions. You’ll find the question box on the right side of your screen, don’t hesitate to use it at any time, including during Tisha’s talk. It won’t be a formal presentation, but rather a discussion, and of course, you can also contribute afterward.

If you experience any technical issues or can’t hear properly, feel free to use the chat as well. We’ll address any problems as they come up, but it’s very important for us to maintain this interaction with you.

I’m very happy and honored to welcome Tisha Marajh, Group Sustainability Officer at Republic Bank. Hello Tisha.

Today, we’re going to address a major topic: how private banking can accelerate innovation for the ecological transition and climate resilience of port cities. We’re very interested in hearing from you, Tisha, about the Republic Bank case, how you’re approaching this, and why supporting the evolution of port cities is a priority for you.

It’s a key topic. As you know, many port cities are highly engaged. We’ve selected a few to join us in Monaco to share their experiences and needs. During our sessions in Monaco, we’ll work together to refine and define what relevant financial tools can support this transition.

At BLUMORPHO, we’ve been operating for 10 years with the mission of creating the right conditions for innovation adoption. When we speak about innovation, we’re not only talking about technology, it’s also about markets, financing, and ecosystems. Without fertile, high-value ecosystems, it becomes more challenging for entrepreneurs and for everyone involved.

We’re particularly active in urban-port ecosystems, which are fascinating. They bring together innovation and strong markets, but also face major decarbonization challenges. And where there are challenges, there are opportunities, that’s why we’re here today.

We’re also very happy to collaborate with AIVP, which brings together more than 200 members and has been active for 35 years. This gives them strong expertise in port city ecosystems, and we’re pleased to work alongside them.

We also have the great pleasure of collaborating with the Prince Albert II of Monaco Foundation, which is deeply committed to ocean protection and ecosystem support. They are also very engaged with entrepreneurs through their ReOcean Fund, which will join us in Monaco on the 6th.

Thank you again, Tisha, for being such a strong partner in this initiative. It’s important for us to amplify the Caribbean voice through Republic Bank, as you bring deep insight into the challenges of decarbonization.

To sum up what we’re doing here: we’re focusing on innovation and financing, with decarbonizing the maritime industry as a central challenge. This is a massive market and a global issue. If we’re honest, no one fully knows yet how to achieve it. It’s one of the biggest challenges we face.

Through our studies and discussions with shipowners and various organizations, we realized that port cities are real orchestrators. Their ecosystems have the potential to create strong impact and drive us toward net-zero goals.

We believe there are significant opportunities to develop new financial solutions by working with committed partners like Tisha and Republic Bank. The right combination of technological innovation and financial mechanisms will be key.

That’s what we’re already building—this co-construction journey—by bringing together the needs of port cities, the solutions offered by innovators, and the different financial and ecosystem mechanisms to enable access to proper financial support.

This is the spirit of our initiative. For those who’ve already joined us before, we’re also looking forward to continuing the work in Monaco on the 6th to move this forward efficiently.

I’ve spoken long enough, Tisha, this is all about you today. So let’s begin.

Can you tell us what it means to be Group Sustainability Officer at Republic Bank?

TISHA:

Thank you so much, Géraldine, for that introduction. Good morning from Trinidad, it’s still morning here in the Caribbean, though I know it’s afternoon or evening for many of you. Thank you for having us in this session, and a special thank you to the other partners as well: AIVP and the Foundation.

To respond to your question and provide some context: this is a new area of focus for our bank. As you know from our earlier discussions, we are primarily a Caribbean-based bank, with growing exposure in Africa and South America. So this topic is somewhat new territory for us, but I’ll do my best to represent our work and perspective.

A quick overview of Republic Bank: we are about 188 years old. The bank originally operated as a colonial institution, when Trinidad and Tobago was under European rule, first British, then French, Spanish, and Portuguese. Eventually, we were acquired by what became Barclays Bank, before evolving into the fully Caribbean-owned Republic Bank that exists today.

We currently operate in 16 countries, spanning South America, the Caribbean, and, increasingly, Africa. Our services cover the full spectrum of financial offerings, commercial and retail banking, investment services, insurance, and wealth management.

We’re also on a strong trajectory toward transformation, focusing on digitalization and sustainability.

As Group Sustainability Officer, I support the bank’s efforts across all 16 countries to fulfill our sustainability commitments. To give you a sense of our approach: we are members of the United Nations Environment Programme Finance Initiative and have adopted the Principles for Responsible Banking.

We’re also founding members of the Net-Zero Banking Alliance, so achieving net zero is a strategic imperative for us.

My role includes mainstreaming the Sustainable Development Goals (SDGs) throughout our operations, including charitable and corporate giving activities. I also lead efforts related to diversity and inclusion across the organization.

A core part of our work is sustainable finance, which we’ll be discussing today. We’re also paying close attention to sustainable agriculture and the support of small, medium, and micro enterprises.

All of this is part of a journey that only really began about three or four years ago, when I started in this role. It’s a large and evolving portfolio, and our aim is to make it coherent and impactful for the diverse regions in which we operate.

GÉRALDINE:
As you mentioned, you’re operating across several countries, which means navigating different regulatory frameworks. How many countries does the bank currently cover?

TISHA:
We’re in 16 countries.

GERALDINE:
Yes, it’s a significant point, and also a very interesting one, because developing new financial tools allows us to adopt a global perspective. It can also help us navigate, or even overcome, local regulatory constraints, which remain a major challenge

Could you share with us why Republic Bank is so deeply engaged to support ocean protection, the decarbonization of the maritime industry and climate resilience ?

TISHA:

Absolutely. That’s indeed a major focus for us right now. While many of the regulations in our operating regions are still voluntary, we’re seeing rapid changesparticularly in Africa, with developments in Ghana, and in the Cayman Islands, where we own Cayman National Bank. The same applies to the Eastern Caribbean. So we’re definitely seeing increasing regulatory pressure across our footprint.

Regarding the bank’s size, for those less familiar with Republic Bank, we are considered a large bank by Caribbean standards. We manage over TT$100 billion in assets, which translates to approximately US$20, 25 billion. We’re on a strong growth trajectory and actively pursuing expansion into new countries.

Much of this growth is linked to our presence in countries that have recently discovered oil, such as Guyana, Suriname, Ghana, and Trinidad and Tobago. The emergence of these new energy economies has been a key driver for our development, and it’s pushing us to scale quickly.

This brings me to the next point. As mentioned, this is still a relatively new journey for the bank. But we are fully committed to ocean protection, maritime decarbonisation, and climate resilience. These issues are deeply relevant to us, and I’d like to explain why.

Republic Bank operates primarily in small island states, nations that are surrounded by water and often reliant on a single economic sector. That might be energy, as in the countries I just mentioned, or tourism, which is the main driver for most of the others. Moreover, these countries are located in an active hurricane belt. So from the very beginning, we’ve been acutely aware of our vulnerability and the need to protect the ocean; it’s truly a matter of survival.

Most of our capital cities are also port cities, a legacy of colonial trade routes based on exports of sugarcane, cocoa, coffee, and eventually oil and gas. There are around 30 to 35 historical port cities in the Caribbean, and they’ve become central hubs for economic activity, commerce, and industry. However, this development hasn’t always been well planned. Many of these ports grew in a fragmented, ad hoc way, pieces were added as needed without a long-term vision.

Today, that lack of planning is a major issue. Climate change and rising sea levels are putting enormous strain on infrastructure. We’re constantly having to repair rather than invest in resilient solutions from the outset. On top of that, we’re dealing with rising energy costs and increasing demand for imports and exports,particularly food, as we’re heavily reliant on external supply chains.

Cruise tourism is another pressure point. To meet growing demand from cruise passengers, ports have often been developed in unsustainable ways, prioritizing volume over long-term resilience.

That’s why Republic Bank is so engaged in this conversation. We understand that the future lies not just in developing new port infrastructure, but in reimagining existing ports to be sustainable and climate-resilient. The Caribbean is not a net contributor to global emissions, yet we bear the brunt of climate change’s effects. We’ve seen the damage caused by hurricanes, entire cities devastated in a single season, customers unable to repay loans, and entire economies set back.

This exposure has led us to embed climate resilience and decarbonisation directly into our lending strategies. We view the blue economy as a powerful driver for change, one that holds untapped investment potential across the region. And that’s why we’re positioning ourselves as active players in this space.

GÉRALDINE:
That’s very interesting, and I’m sure many people hearing you will be very happy to know that this is really part of your strategy.
And as you mentioned, this is not at all about bluewashing or greenwashing.
It’s really related to the economy of the different countries where you are very active.
So you also have this kind of ecosystem approach, which I think is exactly what we need when we take a step back. We will come back later to climate resilience and the kinds of solutions that will be important for you to consider — that’s something I’m happy to discuss with you as well.
It’s also interesting because you mentioned tourism, and it’s true that when we look at the maritime industry, most of the time we focus on shipping since it represents a large part of carbon emissions and the need for decarbonization.
Tourism is also a significant part of the GDP for many countries.
So it’s very interesting to also consider cruise companies, as well as leisure boats and smaller vessels that can locally contribute to emission reductions.
We can come back to this later and allow our participants to ask you questions. And my next question will be :

What kinds of projects would be interesting for you, and what key factors do you consider important when evaluating them?

GÉRALDINE:
You’re going to meet in Monaco with different port cities, they have different objectives, different projects actually, so I think it’s very important to understand what is important for you and what you’re looking for.

TISHA:

Well, I mean, like I said, because we operate in different countries, what is important for us in Trinidad may not be the same in Barbados, right?
But I think, as a group, Republic Financial Holdings Group, there are specific areas that are of interest to us.

Port development is a significant one.
As I was having this discussion and doing more research, I reached out to some people I know in the major ports in Trinidad, for example, where the focus is primarily on energy.
Trinidad is a heavily industrialized country, so for Trinidad, energy and sustaining ports that focus on energy exports, and the value chain in and out of that system, is critically important for us.

So we are looking at port development.
We’re also looking at projects.
We have several financing targets as a bank in sustainability.
We have a USD 200 million financing target for climate-focused projects throughout the island, which focus on climate-related adaptation and resiliency, because that is what we’re focusing on in the region anyway.

We’ve had uptake on financing and arranging projects involving wind and solar farms and similar initiatives.
We’ve had some investments in greening specific port systems and studies, and we’re looking at investing in medium-sized shipping focused on alternative energy.
We have a target to use concessionary finance to encourage those types of projects.

We also have a USD 100 million financing target, again using a similar concessionary finance model, for sustainable agriculture.
Although the Caribbean might seem like it should be strong in agriculture, we are not, we import a lot of our food, which is part of why our port cities and shipping are so important.

We are also looking at projects focused on the blue and green economy. This is particularly important.
Our Prime Minister in Barbados, Mia Mottley, has been a strong advocate for properly evaluating the blue and green economies so that banks, public, private, and development, can make the proper investments.

We’re exploring blended finance and public-private partnerships, which are critical for port development.
Traditionally, port development in the region has been handled solely by governments through development banks.

What has happened is this has, of course, not led to a very ecosystem approach, because as I mentioned before, the ports don’t just support themselves, they are city ecosystems, right?
So we’re looking at how we can now leverage our position as a net zero bank into these types of arrangements.
We’re also focusing on decentralization and de-urbanization systems that can free up resources for proper city development as a whole.
Our cities develop with the port as the central point and then grow from there.
Most of the commerce and government services are in the cities, so we’re trying to look at that. We’re also supporting research and innovation.
Trinidad is part of the Maritime Technology Corporation centers, and I think these centers are located throughout the world.
The Caribbean has a center, which is run through the university and we help fund it. It focuses on making our maritime services more sustainable.
One last important area, which may not be directly about financing, is how we can influence policy, advocacy, and collaboration in the region. Although we have something called Carrycom, which could be compared to the EU, it is nowhere near as developed.
There are countries within this framework, but things still largely happen in silos.
We find that everything would work better if there was more collaboration, but unfortunately, there isn’t.
So what we’re trying to do as a bank is leverage our power and bargaining position to create more of these synergies.
I know time is of the essence, but in terms of a summary, those are some of the key areas we’re focusing on as a bank.

GÉRALDINE:

So this is a large focus, and it should be.
Because when you look at it, as you mentioned, ports are not just the port itself, but the entire ecosystem.
We call it the urban port ecosystem, where indeed many different activities come together.

TISHA:

There is one more point to add.
We are increasingly involved, especially now that we’ve expanded our investment banking team, in financing and co-financing large-scale sustainability projects, even in countries where we don’t have a direct jurisdiction.
For example, we recently co-financed a solar farm project in the Dominican Republic.
We are also open to exploring opportunities outside our primary markets, as we have the legislative framework in place to support that.

GERALDINE:

Actually, that was my question, because you mentioned what you’re doing in the Caribbean, but we also know that you’re active in other parts of the world.
So I think it’s important for our participants to be aware of that.
We’ll also come back later to the question of how innovation ties into all of this.
Of course, we’re speaking about infrastructure, and we strongly believe there’s room to improve it by integrating innovative solutions.
I believe this is already part of your strategy, since you’re also investing in R&D.

There are also some very interesting technologies that you’ll come across in Monaco, which might be relevant to consider.We’ll also return to the topic of blended finance a bit later on, because that’s clearly a major point to discuss.
We’ve already received a few questions, but I suggest we come back to them shortly. You mentioned a broad focus.

Do you have some examples you can share with us about a very concrete project you have supported financially?

TISHA:

Traditionally, we have not been prominent or particularly visible financiers of port systems. As I mentioned earlier, due to the strong central government focus in our region, the private sector has historically had limited opportunity to engage in this space.

However, this is now changing, and we are making a more deliberate effort to become involved. Our investment banking team has been specifically trained to identify and pursue opportunities in this area. While we are not yet directly involved in many projects, I can share some regional examples that are relevant, and I hope to provide updates when we meet in Monaco.

One such project is the Point Lisas Industrial Estate and Port in Trinidad, which has served as a key industrial hub since the 1980s, especially during the country’s rise as a major oil exporter. At the time, the development of the port was not carried out with sustainability in mind. Large areas of mangroves were removed, which has had lasting environmental consequences. Today, efforts are underway to remediate this damage, including a mangrove regeneration program that combines ecological restoration with engineering interventions. This is a project we are actively exploring to support.

In addition, there is a strong push to transition the port’s operations to cleaner energy. Although Trinidad is resource-rich with abundant natural gas, those resources are not always optimally used. Now, the aim is to align with World Bank standards and implement more sustainable energy practices in the port system.

Another notable example is the Port of Brighton, located in La Brea, an area that is home to one of the world’s three natural pitch lakes. The geological instability of the region presents challenges but also opportunities. The port has become a central hub for the manufacturing, energy, and transport sectors and was recently certified as the first green port in the CARICOM region by EcoPorts. It has adopted a comprehensive sustainability agenda focused on renewable energy, energy efficiency, circular economy practices, and carbon sequestration. Their efforts include large-scale tree planting, mangrove restoration, and an interest in entering the carbon market, which remains underdeveloped in the region but holds potential.

In terms of direct involvement, we are currently exploring how we can become a financing option for sustainable port development, especially in smaller island nations where ports have been severely impacted by hurricanes. These events have caused major transportation disruptions and supply chain delays, including access to food and other essentials.

In this context, Republic Bank Grenada is in the process of becoming accredited by the Green Climate Fund. Among the projects identified for potential GCF funding is port resilience, which we see as a critical component of broader climate adaptation strategies.

While we may not yet be as active in this space as our counterparts in Europe or Latin America, we recognize the importance of deepening our engagement and influence. This is now a clear area of focus for us.

GERALDINE:

But you mentioned the mangrove regeneration and the efforts to preserve mangroves.

Are you able to invest in those kinds of projects? And what would the return on investment be?

Because it’s not always straightforward when dealing with nature-based solutions and biodiversity.

Regarding nature-based solutions, I would need to get back to you on the specifics of the return on investment. That’s something we can discuss further.

One concept we are exploring is linking these projects with other types of investments that have clearer and potentially shorter-term returns. Meanwhile, mangrove restoration and similar initiatives tend to deliver stronger impact over the long term. So it’s about finding a balance. This is also a topic we plan to address in Monaco because, indeed, it’s not simple. We don’t want to focus solely on philanthropy, which is very important, but as a bank, we also need to generate returns, interest rates, and so on. Creating that link between impact and financial return is something we are actively working on.

TISHA:

Yes, absolutely.

We are actually working on building that kind of accounting and systems into our entire approach including our lending arrangements and risk profile.

This allows us to understand from a holistic standpoint the benefits not only of individual projects but sustainable projects as a whole.

What we have found in the past and I am sure many other banks would agree is that lending to nature based or sustainability focused projects was often declined for various reasons.

For example rates of return might have been seen as unsustainable because these projects were evaluated through a traditional credit lens.

Additionally these projects often lacked upfront capital and other typical financial requirements. So we are actively trying to bridge that gap.

In our SME program which covers small medium and micro businesses we have recognized that many borrowers have great ideas maybe focusing on solutions like HIV or other challenges but they lack basic business skills.

They often do not know how to write a solid business proposal how to scale their projects or how to create partnerships with larger companies.

To address this we created a Center for Business Innovation where we coach these small and micro businesses on exactly these skills.

We have also started lending to them with the bank assuming much of the financial risk since we do not require them to provide full collateral at the start.

We have calculated how much risk we are willing to take for these small operators. Many of them are fishermen people building fish facilities within port systems tourism operators in those areas and so on.

So this is another key focus for us how to accurately calculate the real rate of return on these types of investments.

GÉRALDINE:

Just to clarify, since we received this question from Erwin, you don’t typically invest by taking equity or shares in innovative companies, correct? Your main approach is providing debt financing, even for early-stage companies that still carry significant risk.

Am I right in understanding that you are willing to fund or invest in innovative technologies with high risks? What conditions or safeguards do you require in those cases?

Do you support or finance high-risk projects or companies, such as the SMEs you mentioned, despite the considerable risk involved?

TISHA:
Yes, we do. It depends on the type of project, classified as small, micro, or medium within the local context. We invest in these even if there is higher risk because many projects fail to launch simply because no one is willing to take a chance, and some of them are genuinely viable. We have a dedicated team that works with these high-risk companies to assess their viability. Once a project proves viable, we support them further by helping create business plans, showing how to scale, and so on. For now, we evaluate opportunities on a case-by-case basis.

GÉRALDINE: That’s very interesting. But it means also that it would be for local businesses or for your company active in your region ?

TISHA: So far, our investments have been within the region. However, I believe there are opportunities for us to explore projects outside the region as well. It really depends on having a conversation upfront to determine whether it’s feasible or not.

We spoke about blended finance, and we know it’s definitely a major topic, especially when it comes to maritime decarbonization. Even large companies, when financing their projects, often look for grants in addition to their own funding. Blended finance is definitely a strong focus.

You will also be meeting with the Catalytic Finance Foundation, sorry, I always say “sustainable” because their focus is really on ESG, and they are very active in blended finance as well. They will be part of the discussion in Monaco.

For you, blended finance is also something you’re working on. Maybe you could share a bit more about that?

TISHA:

Yes, we are open to blended finance.

As I mentioned earlier, from the Caribbean side, we are working towards becoming accredited by the Green Climate Fund because they strongly support climate-focused projects in the region. This accreditation will allow us to explore more blended financing opportunities.

Being an accredited entity will also make it easier for us to access climate funding, which is managed through the World Bank, and we can then provide additional funding to those projects.

We have also started engaging in a few public-private partnership projects, working alongside development banks such as the IDB, IFC, and CAF. These banks are major players in our region, and because we have strong relationships with them, they sometimes ask us to participate as financiers in larger government projects. However, this is still an area we want to develop further, which is why we are exploring opportunities beyond our usual scope.

Because we operate in countries outside the Caribbean region, for example, we own Cayman National, which has interests in the Isle of Man in Europe, we are in a unique position to explore international relationships and blended finance opportunities.

I can share more details about what we have done during the Monaco discussions, but this is definitely an area we are actively pursuing.

Also, in Barbados, following COP a couple of years ago, the Blue-Green Bank is being set up. This is another institution focusing on climate-related projects in the green and blue economy, and we are working on building relationships with them as well.

Projects like port rehabilitation or port resiliency often require much more financing than grants alone can provide. There is a lot happening in your region, but one of the main challenges, and perhaps the last point to mention, is the lack of a cohesive approach.

Sometimes projects happen in silos, and key players don’t know who else is involved until it hits the media. Addressing this lack of coordination is crucial if we want to become major players in blended finance.

So, that pretty much sums it up.

GÉRALDINE:

I’m going to hand the floor over to Marine now so she can share a bit more about what’s happening in Monaco.

I think everyone is somewhat aware, but it might be interesting to get her perspective.

MARINE:

We’re just about a week away from our gathering in Monaco, and we’re really looking forward to welcoming you there.

We will meet on June 6th, please make sure to mark your calendars.

The day will start with an introductory session, followed by panel discussions. We’ll cover many of the topics we’ve touched on today, providing a great opportunity to get to know who is in the room and who is participating throughout the day’s discussions.

After that, there will be networking time, and in the afternoon, we’ll focus fully on creating interactions between different stakeholders through two formats.

First, one-to-one meetings are currently being organized, and you will get access to these on the 6th. Then there will be workshops with small group conversations between different types of participants, allowing for in-depth discussions building on the morning sessions.

For those already registered, you’ll also have access to the Blue Economy and Finance Forum, organized by our partner, the Prince Albert II of Monaco Foundation.

To conclude the day on a high note, we’ll have the pleasure of meeting at the Monaco Yacht Club, a beautiful venue that you will get to discover very soon.

GÉRALDINE:

And as Marine highlighted, the goal of our gathering is really to unlock some of the current challenges we’re all facing.

We’re bringing together a community of innovative players, and as you’ve seen, Tisha is both creative and highly motivated to develop new financial solutions and tools tailored to the needs of this ecosystem.

That’s truly the purpose of the day, to join forces and ensure that this co-construction process is as efficient and meaningful as possible for everyone involved.

Tisha, I jumped ahead with this question earlier, but I think it would be helpful to summarize:

Are there specific hurdles that companies or projects should avoid when looking for financing?

And I mention both companies and projects, since we’ve already touched on your support for innovation, even in the face of risk. But when it comes to green infrastructure or port-related projects, what are the key challenges or red flags to keep in mind?

We could also take this opportunity to explore issues around resilience and risk management in more depth.

TISHA:

When it comes to hurdles, particularly those specific to our region, I think I’ve already touched on a few. But from a banking perspective, especially for large-scale projects, we always need a clear understanding of the legal frameworks, the risk profile, and so on.

That said, one of the key challenges we face (especially in the Caribbean) is understanding what the real incentives are. Whether it’s fiscal, monetary, or policy-related, what does it take for ports to take that first step toward becoming more sustainable or more resilient? What do they need from the financial sector, but also from the public sector? What are the barriers they encounter?

We all agree it makes economic and financial sense for port systems and cities, especially in vulnerable regions like ours, to become more resilient. But we’re still missing the mechanisms to make it happen. One of the biggest questions we have is: What’s needed? What incentives can drive that change?

Another important hurdle I see, both for our clients and for us as a bank, is the issue of tailoring. If a port wants to invest in sustainability, resilience, or new technologies, how can they tailor their financing needs in a way that makes sense to banks or other financial institutions? And on our side, how can we adapt our financial products to better serve these kinds of projects?

This is where I really see the value in capacity building, which I hope will be one of the outcomes of events like the one we’re attending in Monaco. Even if it’s a port in Asia looking to collaborate with us, we need to be ready to meet those needs.

There’s also the matter of technological capacity. Honestly, I was reading about some of the examples you shared, like the Port of Bordeaux, and I asked my team, “Why are we so far behind?” Sometimes, it might just be a matter of awareness or training. A simple session could go a long way in informing governments or operators about what’s possible.

This gap in capacity and technology is a real barrier not just for the ports themselves but also for financial institutions trying to support them. There’s so much opportunity, though. For instance, I know there are plans underway to reimagine and redevelop the city of Port of Spain, where I’m based. There are bids going out, and developers are being invited to participate. I’d be happy to share more about that during our one-to-one sessions in Monaco.

There’s a real sense of urgency here. Our region is particularly vulnerable to the impacts of climate change, and since we’re net importers of goods and services, the role of our port systems is absolutely critical. Shipping is a major concern for us, and any disruption has far-reaching consequences.

So yes, there are still hurdles, but there are also major opportunities. And I hope through engagements like this one, we can start unlocking those barriers and building real, tailored solutions together.

GÉRALDINE:
So these interactions with more technologically advanced ports could also be a great opportunity for you to explore potential collaborations, right?

TISHA:
yes !

GÉRALDINE:

I think we’ve now covered all the key questions, though I must admit, I’m starting to lose my voice, which makes it a bit challenging. That said, we’re nearly there.

Before we wrap up, if any of our participants would like to receive more information, I’ll now hand over to Marine to share the next steps.

MARINE:

So, if you would like to receive more information about our actions, please feel free to fill out this report and poll. We will be in touch within the next few days.

We’re happy to provide any additional information and to help facilitate your participation. Please don’t hesitate to reach out to us directly.

I’ll share an email address in the chat where you can contact us anytime.

As I was mentioning before, we started, a lot of people would be very interested to speak with you, both at the port level, at the innovative company level, other financial players, so you’re going to be quite busy, actually, Tisha, in Monaco, but as Marine mentioned.

GÉRALDINE:

Just a last quick question, are you also working with other financial institutions or perhaps with pension funds?

TISHA:

Yes, I believe we are, but I would need to confirm the extent of that collaboration. As I mentioned earlier, we do have a wealth management team that focuses on our investment activities, and I know they are involved in that space to some degree. I’ll make a note to look into it further and get back to you with more details on the level of engagement we have with those kinds of opportunities

GÉRALDINE:

Very good, very good. I think it’s been really valuable to learn more about Republic Bank, your commitments, and the breadth of your interests. It’s great to see the wide range of services and products you offer, which opens up many possibilities. I’m looking forward to diving deeper into these topics in Monaco and working together to propose and build concrete solutions. Thank you so much, Tisha, for your time and insights.

TISHA:
And of course, thank you as well to Géraldine for facilitating the session, and to Marine for the support throughout. I’m really looking forward to meeting you all in person in Monaco and engaging with the many exciting projects and people who will be present. It promises to be a meaningful and inspiring gathering, I’m truly looking forward to it.

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

Transcription

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

Deploying Port Innovation, with Port of Bordeaux and Port of San Diego

With Jean-Frédéric Laurent, Jason Giffen, and Paula Sylvia, driving the environmental transition of port ecosystems through innovation and collaborative action

Transcription

Welcome & Introduction

Could you share a bit more about the port of Bordeaux and its specific characteristics?

What are your current development projects for which you are seeking financial partners?

What are your main challenges, and how are you working to secure financing?

Would you mind briefly introducing the Port of San Diego and your main strategy for decarbonization?

How do you finance your decarbonization and environmental transition efforts?

Your incubation program is well known. What motivated you to launch it? How do you collaborate with start-ups?

Which topics are you most interested in exploring through collaboration with start-ups?

Could you elaborate on the port of Bordeaux’s collaboration model with start-ups?

Gathering in Monaco on the 6th of June

Q&A Session & Conclusion

May the 28th: How Private Banking Can Accelerate Innovation for the Eco-Transition and Climate Resilience of Port Cities – Republic Bank Case

With Tisha Marajh, Group Sustainability Officer at Republic Bank, a leading Caribbean bank managing nearly $19B in assets and operating in 16 countries

Transcription

Welcome & Introduction: Creating the Right Ecosystem for Innovation

Can you tell us what it means to be Group Sustainability Officer at Republic Bank?

Could you share with us why Republic Bank is so deeply engaged to support ocean protection, the decarbonization of the maritime industry and climate resilience ?

What kinds of projects would be interesting for you, and what key factors do you consider important when evaluating them?

Do you have some examples you can share with us about a very concrete project you have supported financially?

Are you able to invest in those kinds of projects? And what would the return on investment be?

Do you support or finance high-risk projects or companies, such as the SMEs you mentioned, despite the considerable risk involved?

For you, blended finance is also something you’re working on. Maybe you could share a bit more about that?

Are there specific hurdles that companies or projects should avoid when looking for financing?

Join our actions

Financing Maritime Innovation

Share & learn on our Platform

About us

Support

Get In Touch