We've been hearing a lot about sustainability lately. Can yachting rhyme with sustainability?
Yachting suffers from a huge image problem. When you think of yachting, many people think of bling-bling, champagne and dollars. In fact, it is much more than that. It's a huge industry with huge direct and indirect economic benefits and a lot of know-how. And today, many people are working hard to make yachts, but also their behaviour, as environmentally friendly as possible.
Of course, there is still a long way to go, but the sector seems to be moving in the right direction, although there are still many obstacles to overcome in order to envisage large-scale application, whether because green is expensive or because it challenges habits and takes people out of their comfort zone, but also because regulations do not always follow at the same speed as technological advances, and if it is essential to develop new technologies, it is also necessary to know how to use, maintain and service them.
Do you think this is also a generational issue?
The new generation is much more sensitive to these issues at first sight. Their mojo is "what's good for the planet is good for us". They don't wait and have understood that small steps are better than none. Hybrids are becoming a MUST, as is the abolition of single-use plastic, eating locally and waste management.
What is Monaco's place in this fight?
Prince Albert I was an emblematic figure thanks to his scientific curiosity and his pioneering awareness of environmental issues. His commitment is continued today by HSH Prince Albert II through his foundation and also by the Monaco Yacht Club which has made the environment a real battle horse.
The Club wants to put Monaco in the spotlight. The Monaco Capital of Advanced Yachting (MCAY) initiative, of which I have become an ambassador, aims to affirm Monaco's position as a centre of excellence, innovation and an exemplary model in terms of environmental protection, but also on a societal and educational level.
Do banks and insurance companies have a role to play?
Some banks, such as BNP and Credit Suisse, are beginning to have firm expectations in terms of environmental responsibility and have made sustainability a pillar of their proposal. We will see how Credit Suisse evolves under UBS.
On the insurance side, although work has begun with shipping (the so-called Poseidon principles), there is not yet a clear line of conduct for yachting, but "green discounts" are not far away.
Alongside these two sectors, tools are also multiplying to evaluate, compare and improve the "greenness" of yachts, such as the Sea Index (launched by Credit Suisse and the Yacht Club of Monaco), the YETI launched by the Water Revolution Foundation or the Green Plus Yacht certification by RINA, not to mention the role of associations.
Will we achieve the goal of reducing GHG emissions by 50% by 2050?
Only time will tell, but the march is on!
This article was originally published on Seaside Magazine. The information is for general purposes only and should not be relied upon as a legal or tax advice. Specific guidance should always be obtained on ownership structuring, registration and operation of a yacht.
For more information, please contact:
Janet Xanthopoulos
Director and Head of Yacht & Jet Department
j.xanthopoulos@rosemont-yacht.com
04/2023