Banca March partners up with Reforest to clean up plastic pollution in the Mediterranean Sea
06 April 2022 Category: Agreements
This iniciative collects floating plastics and recycles them into polyester fibre which can be used to make waterproof thermal blankets for the homeless.
- March A.M. has signed an agreement with Reforest Project under which it will donate part of the fees from its annual management of the socially responsible Mediterranean Fund to the NGO.
- The aim is to collaborate on the Expedición Salva Mares project, which collects floating plastics and converts them into polyester fibre to make blankets for the homeless.
- Mediterranean Fund is a themed, socially responsible fund managed by March A.M. that invests in two trends with a lot of potential: the ocean economy and water. The fund donates 10% of its management fee to projects related to the conservation of marine ecosystems.
Banca March strengthens its commitment to sustainability by supporting plastic pollution clean-ups in the Mediterranean Sea. Through the recent agreement signed with Reforest Project, March Asset Management (A.M.), Banca March Group's asset manager, will donate part of the fees from its annual management of the socially responsible Mediterranean Fund to the Expedición Salva Mares initiative, which collects floating plastics and recycles them into polyester fibre which can be used to make waterproof thermal blankets for the homeless.
The initiative consists of four steps. The first is to collect plastic from the surface, which takes place on a weekly basis during April and May. In parallel, spaces will be made available for the boats to deposit the plastic at both Barcelona's principal port and at marinas in the area. The third step involves taking this plastic to recycling plants where it will be converted into polyester thread that will later be used to make waterproof thermal blankets. Finally, employees from Banca March and Reforest will deliver the blankets to the homeless and to families in need around Spain.
Mediterranean Fund manager Iñigo Colomo said, “Like the name suggests, this fund is highly engaged in the conservation of the Mediterranean Sea, and projects like Salva Mares fit in perfectly with the philosophy of Banca March. We are very happy to be able to collaborate with an initiative that as well as being sustainable is socially responsible”.
Mediterranean Fund is a thematic fund managed by March A.M. which invests in two high-potential trends linked to the UN Sustainable Development Goals for 2030: the oceans as a source of wealth and the need for their conservation, and water as a scarce resource which is indispensable for life on our planet. The fund offers a potential investment universe of over 750 companies and has attracted strong subscriptions since its launch. At year end 2021, the fund had assets under management of €136 million and a return of 26.56% (Euro Class A). Since its launch in September 2019, it has posted a return of 49.6%.
The fund currently invests in 48 companies distributed in more than 20 different industrial sectors and global diversified over 15 countries. The portfolio companies include off-shore wind power, marine biotechnology, aquaculture and companies related to biofuels for the decarbonisation of maritime transport.
It is a socially responsible fund pursuant to Article 8 of the SFDR, promoting social and environmental initiatives along with traditional financial goals.
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