Including Blue Carbon in climate market mechanisms
Abstract Including Blue Carbon in market-based climate policy mechanisms could result in significant funding for coastal ecosystem protection and restoration. The most promising market mechanisms for Blue Carbon are regulated cap-and-trade schemes, even if some are still in development. The largest is UNFCCC, followed by EU ETS, national schemes and sub-national schemes. Although the voluntary carbon market is a current option, it is much less attractive than regulated markets due to its small size and low prices. For Blue Carbon to be included in major regulated schemes, additional work is needed, including scientific research, policy design, economic analysis and policy advocacy. In particular, three activities should be given priority: reorienting scientific research from the natural sequestration to the emissions that occur upon destruction, estimating global and national aggregate figures for these emissions, and promoting Blue Carbon in key policy fora. It should be recognized that the development of major regulated cap-and-trade schemes with Blue Carbon offsets may take several years. Therefore, in the meantime, efforts should also be made to develop national Blue Carbon policies in the countries with the most relevant habitat.