Liechtenstein Bankers Association promotes protection of the oceans


Vaduz/Zurich/Kreuzlingen TG – The Liechtenstein Bankers Association has entered into a cooperation with Teal Project, rrreefs and DynamicElement to protect the oceans. A unique marine environment and habitats for millions of animals are to be preserved.

The Liechtenstein Bankers Association(LBA) is supporting a joint initiative to protect the oceans that includes rrreefs, a spin-off of the Swiss Federal Institute of Technology Zurich(ETH), sports fashion start-up Teal Project and technology company DynamicElement. According to a media release, the LBV is sponsoring a rrreefs project in which an artificial reef will be created using a wide-ranging modular system of adobe bricks. This should lead to more biodiversity and coral growth. At the same time, habitat is created for millions of marine animals. The project is scheduled to end on March 31, 2024.

The sports fashion label Teal Project from Zurich makes its contribution to the protection of the oceans by producing fashionable and high-quality socks. 60 percent of the yarn used comes from recycled ocean and land-based plastic. A total of 5 percent of the proceeds from the sale will go to the rrreefs project.

To ensure that the manufacturing and distribution chain of Teal Project products can be transparently traced, DynamicElement, a Kreuzlingen-based company specializing in product security, has developed tamper-proof QR codes for the fashion items. By scanning this QR code, customers can go to the Ocean Protection Project page and support it.

“For us, this project represents more than a successful partnership and a very innovative project,” Simon Tribelhorn, CEO of the Liechtenstein Bankers Association, is quoted as saying in the release. “It’s an ideal link between digitalization and sustainability. By investing in socks made from ocean plastic and in turn using part of the sales to reforest coral reefs, the project promotes marine biodiversity in two ways and thus SDG 14 (life under water) in a very concrete way. With the use of SQR codes, it is both tamper-proof and unique.” ce/ww