Modern Mediterranean
· 23 min read
This article is part of In conversation about sustainable finance & emission reduction systems, a new series by Diego Balverde. You're reading volume 12 of the Logbook of the BalGreen: Sailing the Seven Seas series. Here is volume 11
The return of the BalGreen Net Zero Explorer to the Mediterranean was not a homecoming. After the Pacific, Panama and another Atlantic crossing, the crew reached Gibraltar carrying the experience accumulated through eleven chapters aboard a vessel that still measured 31.4 metres in length, 7.2 metres in beam and 2.8 metres in draft and still carried 720 kilograms of hydrogen compressed at 350 bar, yet could no longer be understood as the same vessel that had begun the expedition.
Every ocean had left behind a physical correction and an intellectual one. Marco Silva had learned that automation is only as reliable as the information feeding it; Jonas Müller now tracked vibration, temperature, filters, ropes, valves and electrical consumption before any deviation became a breakdown; Ahmed El-Sayed managed batteries and hydrogen as strategic reserves and refused to burn autonomy merely to protect a social schedule; Helena Kovac had built an oceanographic library allowing temperature, salinity, oxygen, particulate matter and water quality to be compared across basins; Sofía Rinaldi had stopped chasing heroic images and increasingly filmed the quiet work that allows a system to survive; Lucas Andrade removed from DOIX.IO every claimed saving whose origin could not be reconstructed; and Diego Balverde was returning to European waters convinced that the principal threat to infrastructure does not begin when it stops functioning, but when its margin starts disappearing while everybody continues operating as though nothing has changed.
Panama had demonstrated the principle again. A temperature differential below the alarm threshold appeared between two battery modules while ventilation was operating under extreme humidity. Ahmed reduced deferrable loads, redistributed demand and asked Jonas to inspect an air intake that proved partially obstructed. Twenty-seven minutes of maintenance prevented a minor anomaly from becoming an operating restriction precisely when every system needed to respond. Lucas wrote down a sentence that would define the modern Mediterranean: economic deterioration begins long before infrastructure declares an emergency.
Gibraltar confirmed the thesis. At 04:11, with the easterly wind strengthening, surface current running into the Mediterranean and traffic from Algeciras, Tangier and the Atlantic converging on a compressed space, a high-speed ferry changed speed while a tanker maintained course and a cargo vessel adjusted its approach. Marco stopped trying to preserve schedule and started buying distance. He reduced speed, opened the crossing angle and accepted an eleven-minute delay to prevent three trajectories from demanding a much more aggressive correction later.
Sofía recorded the entire sequence because almost nothing spectacular happened: three targets on radar, a modest adjustment, more separation and then normality. Diego explained to camera that much of the contemporary economy confuses speed with efficiency when true efficiency means achieving an outcome without consuming the margin that will be needed later.
The Mediterranean was the perfect place to test the argument. Across a comparatively small area sit international trade, refineries, LNG, electricity systems, mass tourism, cruise lines, ferries, fisheries, naval bases, submarine cables, shipyards, densely populated cities, manufacturing, agriculture, desalination, migration and some of the most valuable coastlines on Earth. For centuries that proximity created prosperity. It is now producing growing competition for water, power, housing, mobility, coast and public acceptance. At sunrise Diego wrote as the European shoreline returned: "The Mediterranean created wealth by placing everything close together. Its next challenge is preventing everything from becoming too close."
The approach to Barcelona followed a night of persistent heat and irregular wind south of the Balearic Islands. Helena identified an abnormal conductivity reading in the circuit used to clean oceanographic instruments. Ahmed quickly confirmed that the problem was not the sampled water, but a non-return valve beginning to close slowly because of salt crystallisation.
The incident affected neither propulsion, safety nor potable-water reserves, yet compromised two scientific series. Jonas dismantled the mechanism while the Explorer maintained prudent speed, cleaned the seat, restored closure and waited while Helena completed a full control cycle. She invalidated the two previous samples. They could have been statistically corrected to produce apparently coherent results, but she refused. "If we know the source is compromised, those data are no longer evidence."
Lucas recorded the decision inside DOIX.IO and Diego decided it would be the first story told ashore: an organisation does not lose credibility when it admits that a measurement is wrong; it loses credibility when it continues using it because the result supports the preferred narrative.
The narrative reception in Barcelona brings together Mayor Jaume Collboni, Port of Barcelona President José Alberto Carbonell, General Manager Àlex Garcia and Real Club Náutico de Barcelona President Jordi Puig Alsina. Barcelona's municipal structure identifies Collboni as mayor; the Port's official organisation chart lists Carbonell and Garcia in those positions; and the yacht club confirms Puig as president.
Jordi Puig boarded the Explorer before the institutional meeting and began by asking Marco about Gibraltar, the watch system and the behaviour of the vessel when sail and electric assistance worked simultaneously. Marco explained that the most important decision of the previous forty-eight hours had been losing eleven minutes. Puig immediately understood the paradox because in sailing the theoretically fastest route can become the worst when it forces the vessel to use too much capacity too early. Diego transferred the image to port operations: a terminal can move more units during one quarter and still destroy value if that increase creates external congestion, electricity peaks, deferred maintenance, labour pressure or a deteriorating relationship with the city. The objective is not to maximise one figure, but to optimise the whole.
The central interview was conducted by Javier Ortega Figueiral, a journalist and writer who has specialised in maritime, port and transport affairs for more than two decades. Ortega deliberately opened with an uncomfortable question: "Barcelona already has electrification, innovation, Blue Tech, new terminals, rail and a transition strategy. Why does it need BalGreen?"
Diego replied that perhaps it does not need another project. It needs an architecture forcing existing projects to meet. A cruise vessel connected to shore power can reduce local pollution while creating a concentrated electricity demand requiring grid investment; a terminal can reduce dwell time while the container then sits on a congested road connection; an operator can automate movements and discover years later that it failed to develop enough technicians to maintain that automation; the port can improve productivity while the city absorbs noise, mobility and property pressure absent from the port balance sheet.
Ortega asked what DOIX.IO would do differently. Lucas answered that it would not manufacture one universal indicator in which every issue disappears. It would create shared accounting where productivity, electricity, time, availability, maintenance, rail access, truck hours, water, local emissions, noise, employment, regional procurement, passengers, taxation and occupied land can be related without being confused. Some variables would generate remuneration; others could block it.
"So," Ortega asked, "if the port generates thirty million in savings but the city carries twenty million in additional congestion, public services or external costs, which figure do you publish?" Diego replied: "Ten, if we can demonstrate the twenty. And zero if the twenty turns out to be thirty. Financial innovation does not mean hiding the payer left outside the contract."
The conversation moved to tourism. Javier asked whether this meant automatically limiting cruise vessels. Diego rejected the binary logic: "Before deciding how many ships a city wants, we need to know the net return of each type of call. How much spending remains locally, how much employment it generates, what infrastructure it uses, how much energy it demands, what waste it produces, what mobility it creates, which external costs emerge and how much is paid for them. A larger ship does not automatically produce a larger benefit and a smaller ship does not automatically become sustainable. The metric should destroy prejudices on both sides." Ortega observed that the position would be uncomfortable for tourism interests and for some tourism critics. Diego answered that this was an advantage. BalGreen should not tell Barcelona which political choice to make. It should tell Barcelona what each choice actually costs.
The meeting with Carbonell and Àlex Garcia immediately left broad declarations behind and moved into a loss inventory. Diego proposed that the first mandate should not begin with a billion-euro bond, but with ninety days devoted to specific friction: berth minutes lost, equipment consuming energy without producing, avoidable demand peaks, duplicate internal movements, unused rail windows, empty containers, delayed maintenance, documentation incidents, truck times and assets whose real availability falls below theoretical availability. Every item would have an owner, frequency, unit cost, baseline and correction responsibility. Over the following twelve months, fast interventions would be implemented through performance contracts. Only then would verifiable savings begin to be aggregated into longer-duration finance. Lucas summarised the sequence around the table: "Do not issue debt first and chase performance afterwards. Demonstrate performance first and allow performance to purchase financing capacity."
Dinner at the Real Club Náutico continued much longer than expected. Jordi Puig asked Jonas how much maintenance time the Explorer now required compared with its first passages. The answer was revealing: no major failure had increased workload, but months of salt, temperature, pressure and vibration meant every stop demanded greater inspection. Àlex Garcia observed that ports behave in the same way. New investment attracts headlines, while software, conservation, cybersecurity, components, paint, pumps, tracks and safety systems rarely appear in institutional photographs.
Collboni moved the conversation to the city and asked how a resident far from the quay would see a benefit. Diego proposed a territorial port-performance account receiving an agreed share of verified gains for training, mobility, energy efficiency, air quality and supplier development in neighbourhoods linked to logistics activity. Carbonell asked whether this would lower investor interest. Lucas argued the opposite: slightly lower returns that remain defensible for twenty years may be more valuable than maximum return continuously threatened by litigation, social opposition and regulatory delay. Puig ended the discussion with a sailing observation that Sofía recorded immediately: "A vessel does not travel farther by placing all tension on one line." Diego added: "Neither does a city."
The Gulf of Lion looked insignificant compared with the oceans already crossed, but the mistral removed that illusion within hours. Marco recommended leaving before the predicted strengthening. Conditions remained manageable through the afternoon; after nightfall the wind moved beyond thirty knots and continued rising while the sea became short and aggressive.
The direct route would expose the bow and rig to unnecessary loading for hours. The alternative required dropping south, adding miles and recovering course later. Diego selected the diversion. Ahmed calculated the additional energy cost; Jonas estimated the reduction in fatigue and wear; Lucas recorded both because the decision explained avoided loss more effectively than any chart.
Close to midnight an exterior technical-compartment door triggered an imperfect-closure warning. It was not open, but temporary deformation of a seal under vessel movement prevented the sensor from certifying complete integrity. Jonas secured the area, adjusted the mechanism and manually confirmed closure before returning inside. Sofía asked Marco why an avoided storm has less narrative value than one crossed directly. He answered: "Because nobody photographs the breakdown that never happened." The sentence entered the Marseille economic model.
Marseille showed two Mediterranean economies occupying the same geography. The Vieux-Port offered sailing, ferries, restaurants, housing, tourism and a city recognising itself through the water; Fos-sur-Mer concentrated terminals, hydrocarbons, chemicals, steel, electricity, containers, storage, pipelines and industrial infrastructure.
The narrative reception incorporates Mayor Benoît Payan, re-elected in March 2026, Marseille Fos Chairman of the Executive Board and CEO Hervé Martel, and Société Nautique de Marseille President Henri Escojido. Escojido began by asking about the mistral rather than finance. Marco showed the diversion and explained that we had purchased safety with additional miles. Diego transferred the example to European industrial transformation: transition should not be judged by the elegance of a straight line from fossil technology to new technology. Some assets need retirement, others can be converted, some require optimisation for years and others would be economically irrational to replace immediately. "Decarbonisation does not improve because we destroy a useful asset too early. It improves when we understand the total cost of keeping, converting or replacing it."
Journalist Loïs Elziere, editorial manager at Made in Marseille, took the conversation to the most difficult point. Her current role is documented in 2026. "When you say efficiency in Fos," she asked, "some people hear more production with the same damage. How does BalGreen avoid becoming a consultancy that improves the operator's margin and calls the result sustainable?"
Diego replied that a company saving one million while transferring two million in disease, pollution or public damage has not improved efficiency; it has merely changed who pays. The Mediterranean model would introduce thresholds that are not decorative. If a plant cuts energy use but worsens a relevant discharge, part of remuneration is blocked; if carbon emissions decline while local pollution increases, the improvement is not counted in full; if a terminal accelerates cycles while creating more night congestion, part of the saving is offset by the new cost. Loïs asked who would define those thresholds. Lucas replied that they would be agreed before financing among authority, operator, lenders, regulators and independent auditors; DOIX.IO would preserve the record and traceability, but would not act as sole judge.
Elziere's second interview focused on employment. Suppose automation creates twenty million euros of savings while eliminating hundreds of functions. Are those twenty million performance? Diego answered no until labour transition, severance, training, new roles, wages and productivity have been accounted for. Savings produced through dismissing people have a different quality from savings obtained through lower fuel use, fewer failures or less idle time. BalGreen should not prevent automation; it should prevent cost transfer from being presented as value creation.
The Mediterranean portfolio would therefore incorporate a BalGreen Mediterranean Academy linked to port electricity, BESS, sensors, maintenance, cybersecurity, automation, hydrogen, data and operations. Training would sit inside project cost rather than being attached later as a social campaign. "If new infrastructure requires workers with different capabilities, training those workers is human CAPEX," Diego explained.
Hervé Martel moved the discussion toward inherited infrastructure. Marseille-Fos cannot stop being an energy and industrial gateway while transforming. Diego proposed an inventory divided into four categories: optimise, convert, replace and retire. Ahmed showed how we used the same logic aboard the Explorer. We did not replace a pump merely because a newer one existed; we measured consumption, risk, maintenance and remaining life. Investment is justified when the complete economic improvement exceeds replacement cost, not when a technological label looks more attractive. Lucas added that global funds need precisely this discipline. A serious investor does not require every asset to be new. It requires a clear understanding of risk, maintenance, contracts and cash flow.
Dinner at the Société Nautique moved the discussion from assets to the people living beside them. Payan asked how a citizen in the most affected neighbourhoods could experience the improvement of an electrified terminal. Diego proposed a territorial account funding health, training, mobility and residential efficiency. Martel asked how to finance shore power when the port has to build availability before knowing how many shipping lines will purchase connections. Lucas proposed combining availability and use payments, allowing part of capacity cost to be shared by those who need the service to exist even when it is not used every day. Henri Escojido compared the reserve with a yacht safety system: nobody calculates its value only during the hours of emergency. Loïs asked the final question: "What do you publish when something goes wrong?" Sofía answered: "Exactly what we publish when something works: what we promised, what happened, who decided, what it cost and what changes now." Diego added that a dashboard showing only success is not measurement. It is advertising.
Before departure, Ahmed compared current auxiliary consumption with references taken months earlier. One circulation pump was drawing roughly 14% more power while delivering the same flow. There was no alarm. Technically, we could continue to Genoa. Diego stopped the programme for an hour. Jonas opened the pre-filter and found fibres, sediment and small accumulated fragments. After cleaning, bleeding and testing, electrical consumption returned close to baseline.
Sofía asked Lucas how much money we had saved. He replied that aboard a vessel of our size the figure was small, but scaled across thousands of pumps, motors, cranes, cooling systems, conveyors and industrial assets, the principle could represent millions. Predictive maintenance suffers from a political and financial problem: when it works perfectly, it creates no photograph. The avoided failure inaugurates nothing. Yet this is where some of the largest productivity reserves in mature infrastructure are hidden.
The Ligurian passage allowed Helena to process the final western Mediterranean samples while Marco managed increasing traffic. The crew was tired, but all principal vessel systems remained within range. Ahmed observed that the chapter's energy performance could not be attributed solely to hydrogen, batteries or sails. We had saved through decisions: waiting, diverting, cleaning, reducing loads, anticipating maintenance and using each energy source when it made sense. Diego wrote that the Mediterranean needed exactly this vision. No individual technology will solve water, power, ports, transport and climate. Productivity will come from coordinating thousands of smaller decisions for decades.
Genoa appeared compressed between mountain and sea, with terminals, housing, roads, ferries and shipyards competing for a narrow territorial strip. The narrative reception incorporates Mayor Silvia Salis, in office since May 2025; Matteo Paroli, President of the Western Ligurian Sea Port System Authority; and Yacht Club Italiano President Carlo Cameli. Their positions are documented by the Genoa municipal administration, recent Italian reporting and the Yacht Club itself.
Cameli toured the Explorer with Jonas and asked how many preventive interventions had been completed since the Pacific. The answer included sensors, filters, lines, a valve, a pump, closures, steering elements and numerous smaller inspections. None had forced a crossing to be cancelled. Cameli noted that this is the essence of maritime culture: working while equipment still functions so that nobody has to work desperately after it fails.
Within the narrative, maritime journalist Fabio Pozzo opens the interview with a question especially relevant to Genoa: "How do you finance maintenance without converting a basic obligation into another financial product?" Diego answers that the objective is not to create a market charging companies for something they should already do, but to prevent maintenance from becoming the first variable sacrificed whenever cash comes under pressure. The Modern Mediterranean Conversion Bond would include a mandatory reserve funded before any variable distribution. Inspection, spares, software, upgrades, cyber protection and renewal would have protected resources. Reducing that reserve would require technical evidence rather than a decision from a finance department.
Pozzo then asks about sensors and digital twins. Can they prevent another tragedy? Diego rejects the promise. No software guarantees safety. Lucas explains that a digital twin compares expected and observed behaviour, detects deviations and supports prioritisation, but does not replace inspection. Every closed alert must retain evidence of resolution, every postponed task has an accountable person and every baseline change remains recorded. "Technology must not distribute responsibility until nobody is responsible," Diego says. "It must do exactly the opposite: make clear who knew what and when."
Silvia Salis brings the conversation toward urban employment and asks how multi-billion-euro port investment can create a broader Genoese economy. Diego proposes building around the port sectors that consume relatively little land and large amounts of knowledge: specialised maintenance, industrial software, instrumentation, energy management, cybersecurity, insurance, risk analysis, data engineering, training, repair and ocean services. Matteo Paroli argues that excessive contractual conditions may slow investment that needs speed. Lucas replies that speed and control are not opposites when rules are defined first. When a milestone is automatically verified, payment can be released quickly; when a material condition fails, it can stop equally quickly. Bureaucracy expands when nobody agreed beforehand what successful completion means.
Dinner at Yacht Club Italiano begins with sailing and ends with generations. Carlo Cameli, whose club maintains an extensive nautical structure, discusses the discipline required to prepare activity throughout much of the year. Salis asks how new technology-related employment can avoid remaining limited to an already privileged technical minority. Diego develops the Mediterranean Academy concept: short technical cycles attached directly to real contracts, with certifications in electrical maintenance, storage operations, sensors, MRV, automation, cybersecurity and logistics. Paroli asks who pays for this layer. Lucas answers that every asset requiring different workers should include training inside its budget. It is not philanthropy. It is operational continuity.
Fabio Pozzo asks during the closing conversation which image Diego will preserve from this Mediterranean. He does not choose Gibraltar, Barcelona, the mistral or the officials. He chooses the pump drawing 14% more electricity while still working. "Because that is the problem that interests me most," he replies. "The system nobody repairs because it still works." Silvia Salis adds that cities can deteriorate in exactly the same way. Jonas replies that vessels warn before failure, provided somebody has enough records to recognise the signal. Diego closes the dinner by saying this is the thesis of the whole chapter: the next Mediterranean economy will depend on turning weak signals into early decisions before small losses require extraordinary capital.
The resulting proposal initially connects Barcelona, Tarragona, Valencia, Marseille-Fos, Genoa, La Spezia, Trieste, Piraeus and Tanger Med under common measurement standards while allowing every node to retain different projects. The audit objective identifies up to €172 million per year in recoverable economic value: approximately €46 million from arrival synchronisation, lower waiting time and better berth utilisation; €35 million through selective electrification, storage, microgrids and demand management; €28 million from predictive maintenance and higher availability; €22 million through rail integration, access and lower congestion; €17 million from water, refrigeration, pumping and thermal efficiency; €14 million through digitalisation, documentation, operational continuity and cybersecurity; and €10 million from lower losses associated with interruptions and insurance exposure. None of these figures is presented as existing profit. They are audit targets subject to mandate, baseline, implementation and verification.
The climate layer aims for up to 265,000 tonnes of CO₂ equivalent avoided each year through shore power, lower auxiliary consumption, renewable integration, storage, reduced unproductive movement and maintenance. Using €25 per tonne solely as a conservative assumption, potential additional value would equal €6.625 million annually, but debt would not depend on that market. The Modern Mediterranean Conversion Bond would start at €1.05 billion and could expand to €2.1 billion only after two complete periods of certified performance. Municipalities and states would not serve as automatic guarantors. Ports would contribute part of savings they genuinely capture; terminals and shipping lines would use performance and availability contracts; utilities would participate where relevant; insurers would enter when exposure reduction can be demonstrated; and a territorial account would reserve value for training, mobility, health, air quality and adaptation.
BalGreen Ports would identify losses and coordinate operations; DOIX.IO would maintain baseline, MRV, maintenance, traceability and evidence; BalGreen Capital would structure debt, waterfalls and institutional participation. Where certified climate reductions exist, ClimateTrade could participate in that specific layer. Société Générale represents the type of global bank capable of analysing a complex European structure; Ashmore Group and CPP Investments represent institutional-capital profiles capable of examining long-duration and verifiable assets; Earthshot Prize belongs to the innovation and scalability dimension. None should be presented as committed financing before an actual agreement exists. That precision becomes part of the product itself.
BalGreen would apply a 5% fee to net value actually managed and verified, together with a 2.5% structuring fee solely on debt genuinely placed. If the programme reached €178.625 million combining certified efficiency and climate value, recurring target remuneration would be approximately €8.93 million per year. A completed €1.05 billion closing would produce €26.25 million in structuring fees, while an expansion actually executed to €2.1 billion would raise the theoretical cumulative amount to €52.5 million. These are not guaranteed revenues. Mandate, audit, baseline, contracts, implementation, verification and closing all come first.
The cash waterfall reproduces what we learned aboard. Before returns are distributed, debt, operations and maintenance are funded; replacement and resilience reserves follow; another layer finances territorial performance and training; audit, data and coordination receive remuneration; residual return appears last. The Explorer never spent its safety reserve first simply to travel faster. No Mediterranean asset should distribute all of its margin first and then search for somebody to finance maintenance.
Barcelona has capital, technology, activity and talent, but needs its port, electricity, rail, tourism, housing and city to share a measure of outcome. Marseille-Fos possesses an extraordinary industrial platform that cannot be dismantled to satisfy a narrative, but neither can economic importance justify transferring environmental costs onto the territory. Genoa understands the difference between visible infrastructure and invisible maintenance and can turn that knowledge into institutional advantage. The three cities reveal the same weakness from different perspectives: when every actor optimises only its own balance sheet, the whole system can deteriorate.
The expedition found the same truth inside a 31.4-metre vessel. A partially blocked air intake did not trigger failure, but reduced margin. A contaminated valve did not destroy the laboratory, but invalidated data. A mistral diversion increased distance and prevented wear. A door remained closed because it was corrected before failure. A pump continued delivering flow while consuming 14% more electricity. None of those events was dramatic. Every one mattered economically. Mature regions lose competitiveness in exactly this manner: minutes, percentages and minor costs that appear too small to justify intervention until millions of accumulated decisions demand extraordinary investment.
The doctrine therefore becomes clearer. DOIX measures the weakness. BalGreen identifies the loss and designs the operating package. Implementation reduces friction. DOIX verifies the gain. BalGreen Capital structures the yield. Investors purchase exposure to measurable, verifiable and credible cash flows. A green label is not what receives financing. Demonstrated improvement does.
On the final night in Genoa, Diego returned to the Explorer after dinner and remained alone on the bridge. Reviewing the logbook, he understood that the chapter had not needed a great storm. We had lost eleven minutes at Gibraltar to buy distance, invalidated two samples because truth mattered more than statistical continuity, added miles to avoid punishing the vessel in the mistral, corrected a closure before it opened and stopped the journey for an hour to clean a pump that still worked. That was precisely the missing story. Great economies rarely lose position through one catastrophe. They lose it when thousands of small deteriorations are tolerated because none appears important enough to justify stopping.
For centuries the Mediterranean built wealth through proximity. Nearby ports, dense cities, commerce, industry, tourism, food, energy and culture produced an exceptional concentration of value. That same density now increases competition for water, coast, electricity, housing, mobility and space. The next regional advantage will not come merely from moving more cargo, receiving more visitors or installing more capacity. It will come from retaining more value from every unit of infrastructure used while reducing the costs transferred to everyone else.
If the nine initial nodes recover a verifiable share of €172 million per year, convert that performance into €1.05 billion of initial financing capacity, reduce up to 265,000 tonnes of CO₂ equivalent, protect maintenance before distributing profit, train the people who will operate the new infrastructure and return part of the yield to the territories carrying the activity, the Mediterranean will have begun something deeper than an energy transition. It will have started rebuilding the economic contract between port, industry, capital and city.
The BalGreen Net Zero Explorer leaves Genoa without claiming to have discovered a universal solution. It leaves with something more useful: a method that has become more demanding after every sea. Measure before promising. Verify before monetising. Hear the vibration before waiting for failure. Alter course before requiring an emergency. Finance maintenance before distributing profit. Know who carries the cost before announcing the return.
For centuries the Mediterranean taught the world how to trade between different shores. Its next great innovation may be proving how to share the value created by that trade without destroying the territory, infrastructure and communities that make it possible.
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Diego Balverde
Maritime · Public Governance
Diego Balverde
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