Tourism: the French are rediscovering France /P

GREEN FINANCE, A LEVERAGE FOR CHANGE

Green finance to the rescue of the environment? The idea of channelling investments towards the sustainable economy and the fight against CO2 emissions has in any case gained momentum since the 2015 Paris Agreement, explains Yulia Titova, professor of finance at IÉSEG: «the text has stimulated the development of certain specific financial products: loans and funds linked to sustainability, green savings products, etc. The case of bonds illustrates the extent of the phenomenon, says the researcher: «the European Investment Bank issued a 600 million dollar climate-responsible bond in 2007. Today, the issuing of cumulative green bonds has reached 1 475 billion dollars. And everyone is getting involved: «Direct contributions to green finance come mainly from institutional investors, but private operators are participating directly or indirectly through mutual funds, specialised savings accounts such as the Livret de Développement Durable in France...». While water, transport, energy, real estate and waste treatment have long concentrated the bulk of green investments, other sectors are increasingly being financed through these funds, such as the automotive and textile industries.

1,475

BILLION DOLLARS CORRESPONDING TO THE CUMULATIVE ISSUE OF GREEN BONDS

Yulia TITOVA

Professor of finance at IÉSEG.

TOURISM: THE FRENCH ARE REDISCOVERING FRANCE

As the world’s leading tourist destination, France has suffered from a pandemic that has largely paralysed trade. To bounce back, some are betting on a return to more local and more virtuous tourism. Axel Fenaux, co-founder and CTO of Revlys, an agency committed to responsible travel, explains this trend.

WITH COVID, SOME TRAVELLERS HAVE REFOCUSED ON MORE LOCAL DESTINATIONS. IS THIS A NEW PHENOMENON?

The pandemic has accelerated a basic trend. When we founded Revlys in 2018, we were in fact counting on the travel boom in France, which moreover enabled us to strongly develop our activity during the crisis at a time when agencies specialising in long distance travel particularly suffered.

THE CRISIS HAS ALSO BROUGHT THE CONCEPT OF ENVIRONMENTALLY RESPONSIBLE TRAVEL BACK TO THE FOREFRONT. WHAT DOES THIS MEAN?

We can consider that the only way to be virtuous is to travel without emitting carbon, for example by favouring ultralocal bicycle tourism. The other possibility is to move

FRANCE HAS BEEN THE LEADING TOURIST DESTINATION FOR THE PAST 30 YEARS IN TERMS OF VISITOR NUMBERS, BUT IS ONLY THIRD IN TERMS OF REVENUE, BEHIND THE US AND SPAIN (2019). WWW.REVLYS.COM

Axel FENAUX

Co-founder and CTO at Revlys.

towards a compensation approach, based on the notion of low-carbon tourism. This is the approach of an operator such as Voyageurs du Monde, which continues to offer its clients far-flung destinations but in return commits to donating funds to NGOs or associations that carry out responsible projects: reforestation, soil remediation, etc. This is also our policy, with the sole difference that we offer trips exclusively in France in order to limit the distances travelled, and therefore the volume of emissions. We strongly encourage our customers to use the train, which emits much less than air travel. This does not mean that we are forbidden to do so, if only to meet the constraints of some of our customers: a retired couple in their seventies would find it difficult to spend eight hours on a train.

IS TRAVELLING THROUGHOUT FRANCE ALSO A WAY TO REDISCOVER OUR OWN COUNTRY?

We are convinced of this. If France has been the world’s leading tourist destination for years, it is not by chance. France is a country of countries: each territory has its own specificity, its identity, its traditions, its culture, its gastronomy... There are turquoise beaches in Morbihan, not only in the Maldives, wild coasts, mountains, seafronts, cities with a very strong identity... The variety of landscapes and experiences is unbelievably rich. The Cévennes have nothing in common with the Périgord, the Alpilles or the Landes. It is also an easier and more accessible way to travel, especially in times of a health crisis: you spend less time in airports or at customs, the risk of cancellation is lower... There is also a palpable desire to find human contact, which is not always the case when you just pick up the keys to a flat rented on Airbnb.

COULD THE END OF THE PANDEMIC REVERSE THIS TREND?

During this crisis, many French people became aware of the environmental impact of their travelling, therefore deciding to travel nearer to home, which is one way of responding to this. Everything will depend on the ability of French tourism players to dust off the image of certain destinations that are, nevertheless, splendid. One can feel extremely far from home without going to the other side of the world.

DATA ANALYSIS REVOLUTIONIZES CUSTOMER RELATIONS

Is the growing power of data analysis tools revolutionising customer relations? Yes, and increasingly so, explains Stéphanie Beyer Diaz, a PhD student at IÉSEG. «For a few years now, companies have been able to refine their offer thanks to marketing tactics that are much more personalised than traditional campaigns. Between two episodes on Netflix, you can easily buy products derived from a series on Amazon by asking Alexa to identify a particular actor,» the researcher points out. Beyond the GAFAMs, «the analysis of our consumer behaviour dominates our private lives to a large extent. We use applications for everything: even our everyday objects have a WiFi connection. This translates into massive volumes of data, which many companies use to anticipate their customers’ expectations. Predictive shopping for household products is one example, as are bank applications that suggest different products based on our respective profiles. Hence the need to set some boundaries: «it is important for customers as well as for companies: valuing data privacy helps to build and maintain trust, and therefore loyalty.»

Stéphanie BEYER DIAZ

PhD at IÉSEG.

STAND UP, FIGHT AND WIN

It doesn’t just happen to other people. Pauline Déroulède lost her left leg in 2018 when she was hit on a pavement by a driver who had lost control of his car. Just a few hours after the accident, she made a promise to herself: to participate in the Paris Paralympics in 2024. The athlete, who will be consecrated French wheelchair tennis champion in June 2021, intends to use this obstacle course to send out strong messages.

Pauline DÉROULÈDE

Athlete, French champion of wheelchair-tennis.

THE PARIS PARALYMPIC GAMES WILL HOST 22 DIFFERENT DISCIPLINES AND ARE EXPECTED TO BRING ALMOST 4,500 ATHLETES TOGETHER. HOW WERE YOU INJURED?

On 27 October 2018, I found myself in the wrong place at the wrong time. A man who was 90 years old at the time lost control of his car which hit me and two other people. My left leg was torn off by the impact and I was immediately taken to the Percy military hospital, where I was treated by teams used to dealing with what looked like a war wound. Strangely enough, everything went very quickly: it was in the recovery room that I found out how to get back on my feet, literally and figuratively. I needed a goal, both for myself and for my family, whose pain and concern I witnessed. I told them that I intended to participate in the 2024 Paralympic Games, at home, in my city.

IT SEEMED LIKE A LONG WAY TO GO. WHAT KEPT YOU GOING?

For several months, I fell into another world punctuated by moments of deep distress, heavy surgery, intense pain... Alone, it’s too difficult. The support of my partner and my family was essential, as was that of the doctors and nursing staff, right down to the cleaning lady who used to come into my room. They all stepped out of their roles at some point to support me with a gesture or a word. It was the others who saved me until I was finally able to get back on my feet on 27 February 2019. After many months, I was finally able to get back into action, walk again and do exercises, sometimes to the point of exhaustion. I was also lucky enough to walk this path with soldiers injured in OPEX*, often much more seriously than me. I already had a deep admiration for their mission, but their strength carried me on. In a rehabilitation room, we are all in the same boat and we feed off each other’s energy. I just couldn’t complain in the midst of such people.

WHY DID YOU SEE TENNIS AS A WAY TO GET BACK ON TRACK?

In such a situation, I think that everyone clings to what is most relevant to them : music, art... I already had a certain predisposition for sport before the accident and I had already considered a high-level career in the past. As soon as I was able to stand up, I did everything I could to get back in shape and give myself the means to achieve my goals. I spend eighteen hours a week on the courts and another eight in the gym. I am taking part in various competitions in order to join the top 30 in the world and be able to take part in the Paralympic Games. We are extraordinarily lucky to be

FROM 1948 TO 2024, THE HISTORY OF THE PARALYMPIC MOVEMENT

The first Paralympic Games were held in 1960, but their origins go back to 1948. That year, German neurologist Ludwig Guttmann was looking for a way to help former Royal Air Force pilots, all of whom were paraplegics, to speed up their recovery. He devised a series of sporting events to be held at the same time as the London

Games. In what was just the blink of an eye, 16 athletes took part in a series of awards in archery and netball, a derivative of basketball. Without knowing it, the doctor had just imagined a new sports movement that came into its own in Rome in 1960: a few days after the end of the Olympic Games, 400 athletes from 23 countries competed in the first Paralympic Games in history.

able to defend the colours of France at home. Even if the Los Angeles Games of 2028 are already in the back of my mind.

YOU COMMENTED THE TOKYO OLYMPICS ON THE CHANNEL L’ÉQUIPE AS A CONSULTANT. IS THIS MEDIA PRESENCE ALSO A WAY OF BREAKING DOWN STEREOTYPES?

Of course. France is still lagging far behind its neighbours, and it must be repeated, time and again, that disability is first and foremost in the mind. All the athletes I know will tell you, when they are on the court, they do not feel diminished. It is the way society views us that reflects this image. We have to change the way people look at disability and without judging them. I myself had a lot of prejudices before my accident.

YOU ARE ALSO LOBBYING THE GOVERNMENT TO CHANGE THE ROAD SAFETY FRAMEWORK. WHY?

Clearly we need to look at the way driving licences are issued. The person who mowed me down was elderly, but the issue goes far beyond the case of older people, who should not be stigmatised in any way. But we must begin asking whether the right to drive should be conditional on regular fitness tests for motorists whose abilities are impaired by age or illness. Given the virtually sacred place of the car in France, this is a sensitive issue, but all other countries do it. Why not us? Nobody wants to be responsible for an accident.

“All the athletes I know will tell you, when they are on the court, they do not feel diminished. It is the way society views us that reflects this image. We have to change the way people look at disability and without judging them”.