Trends in Market‐Based Blue Carbon Projects
Nipuni Perera, Micheli Duarte de Paula Costa, Peter I. Macreadie, Melissa Wartman
Abstract
ABSTRACT The integration of blue carbon (BC) into the voluntary carbon market promotes BC ecosystem management through financial incentives. We analysed 70 BC projects and present a comprehensive knowledge synthesis on a multifaceted BC sector and its contribution toward sustainable development. Currently, market‐based BC projects are located across 29 countries, covering an extent of one million hectares globally. Mangrove projects are dominant (99.98%) with project clusters located in Mexico, Senegal, India and Myanmar. The private sector emerged as key players in project development and investments. Across their crediting periods, the 11 registered projects (with ongoing credit issuances) are estimated to deliver 154 MtCO 2 of total carbon abatement, with 5 MtCO 2 of BC credits already issued. Not limiting to climate benefits, BC projects address broader goals of sustainable development by aligning with poverty reduction, gender equality, economic development and biodiversity conservation. However, further improvements are needed around transparency, permanence, benefit sharing and reporting frameworks to enhance the integrity in BC projects.