This article is also available in French
Science has shown that the negative impact of climate change on biodiversity is profound. Since 1970, there has been a decrease of 69% in wildlife, with biodiversity decline driven by a number of factors including exploitation, pollution, climate change and habitat loss.
The world’s oceans are no exception. As the world’s largest carbon sink, the ocean absorbs around 90% of heat released from rising greenhouse gas emissions. This has led to a rise in temperature resulting in the damage and loss of marine and coastal ecosystems including damage to coral reefs that support ocean life. However, ocean and coastal habitats, including mangroves, also hold significant opportunities for decarbonisation, capturing carbon at a rate more than three times that of terrestrial forests.
BNP Paribas is committed to supporting the ecological transition, including the protection of terrestrial and marine biodiversity, as well as research on climate change and biodiversity loss, including ocean regeneration. To that end, BNP Paribas has entered into a three-year partnership with Spanish startup Underwater Gardens International (UGI).
A science-led approach
UGI develops scientifically-proven solutions for ocean regeneration and adaptation to climate change at scale, with biodiversity at the core of its performance measurement. The founders’ vision is based on an international network of marine scientists, led by UGI’s Scientific Director Sergio Rossi.
UGI’s worldwide ocean regenerative solutions include underwater gardens that respond to the specific needs of damaged ecosystems through Smart Enhanced Reefs (SER®). These intelligent artificial reefs allow marine life to regenerate and increase local biodiversity with an active restoration plan. This results in the design of healthy reefs that are adaptable to their environment and foster the growth of marine flora and fauna. UGI’s project “Marine forest restoration: a coastal gardening plan” has been officially endorsed by UNESCO as a priority project of the UN Decade of Ocean Science for Sustainable Development programme (2021-2030).
Underwater carbon dioxide removal or “blue carbon” generally has a longer permanence of sequestration than “green carbon” captured on land. UGI‘s model offers the opportunity for large scale bio-diversified regenerative projects. This would offer a source of high quality carbon credits, also associated with the enhancement of biodiversity of combined habitats, which the company intends to monetise in compliance with the most stringent regulation: the anticipated Carbon Removal Certification Framework expected to come into force in the EU by 2025.
Marc García-Durán Huet, Executive President and Founder of UGI said: “In BNP Paribas, we found the insights UGI needed to transition the vision we have for the company to a scalable, international, impactful and sustainable growth strategy. Because we wanted to make a difference commensurate with the global challenge of climate change, we needed the support and financial guidance of a leading international bank. BNP Paribas has a strong commitment around the transition the global economy must achieve. We are proud to be aligned with BNP Paribas’ own sustainability strategy.”
❝ In BNP Paribas, we found the insights UGI needed to transition the vision we have for the company to a scalable, international, impactful and sustainable growth strategy. ❞
A global opportunity
With nearly two-thirds of oceans lying outside of national jurisdictions, global collaboration on marine conservation is critical to counteract and regenerate biodiversity loss. This is embodied in the High Seas Treaty recently signed by UN member states to protect marine biodiversity in international waters.
❝ Regeneration is a different concept from restoration: when you regenerate, you are restarting the functionality of habitats and their interconnectedness. While obviously much more complex, UGI is committed to regeneration because the underlying scientific protocol captures the biodiversity necessary to the natural resilience of underwater gardens. On a personal note, working with BNP Paribas is a clear demonstration of how important it is for science and finance to bring together their respective acumens. ❞
UGI’s operations span a number of regions, with five pilot projects under way in four countries – Spain, Norway, Denmark and Israel – representing different eco-zones, with the largest one on the island of Tenerife, where the underwater garden will be associated with an eco-touristic park. The park is a capital-intensive investment to bring to life UGI’s vision and has been approved by the local public authorities as a priority socio-economic project.
Notably, UGI’s scientific programme, Ocean Citizen, with twenty-two additional partners, has been awarded nearly €12 million in grant funding by the European Commission under the Horizon Europe programme. The majority of this will be allocated to the Tenerife Regenerative Park pilot project. The Tenerife park’s functions will connect society with the sea through job creation and raise awareness through education and activities at the Aquademy Visitor Centre, to be established on Punta Blanca.
Sergio Rossi, Biology & Scientific Director of UGI said: “Regeneration is a different concept from restoration: when you regenerate, you are restarting the functionality of habitats and their interconnectedness. While obviously much more complex, UGI is committed to regeneration because the underlying scientific protocol captures the biodiversity necessary to the natural resilience of underwater gardens. The COST network (MAF-WORLD), formed of around 230 scientists, is ready to collaborate and deliver the science towards UGI’s vision. On a personal note, working with BNP Paribas is a clear demonstration of how important it is for science and finance to bring together their respective acumens.“
Jerome Ponrouch, Head of Company Engagement & Sustainability MEA at BNP Paribas added ‘’There is a natural connection between BNP Paribas and UGI, in terms of the shared values on scientific progress towards ocean biodiversity enhancement techniques and blue carbon sequestration technologies. UGI is making a critical contribution in the realm of marine forest regeneration, ocean food sustainability and marine biotechnology. BNP Paribas further recognises UGI’s consideration for the social impacts of its developments such as raising awareness, education, local community involvement and job creation.”
❝ There is a natural connection between BNP Paribas and UGI, in terms of the shared values on scientific progress towards ocean biodiversity enhancement techniques and blue carbon sequestration technologies. UGI is making a critical contribution in the realm of marine forest regeneration, ocean food sustainability and marine biotechnology. ❞
To learn more about UGI click here.
Advancing ocean biodiversity across BNP Paribas
BNP Paribas has reinforced its CSR commitment to the UN’s 14th Sustainable Development Goal, Life Below Water, accelerating its commitment is to act responsibly when financing activities that have an impact on the oceans, and to support the companies that are innovating in order to protect them.
BNP Paribas has committed to supporting the ecological transition to preserve biodiversity by 2025 with:
- €4 billion in funding for businesses contributing to the protection of terrestrial and marine biodiversity
- €1 billion in funding for the maritime ecological transition
To learn more about BNP Paribas’ commitments to biodiversity click here.