The Blue Economy: Mitigation and Adaptation

Abstract

The science of developing an adequate database for carbon capture and storage in coastal ecosystems has progressed as has the application of this data for blue carbon projects, although not without problems. These problems have not stopped the push to incorporate blue carbon into what is now called the ‘blue economy’. Another one of the problems associated with blue carbon science and management is having a proper understanding of the actual cost of an ecosystem service, such as carbon storage; these functions can be costed in terms of their ability to assist human well-being. Stakeholder engagement is required as blue carbon projects need to be commercially attractive propositions. Insurance markets may be a way to finance or insure carbon products as carbon stores are well-recognised as a market-based commodity. The development and implementation of blue carbon projects requires a policy framework that can deal with the management, conservation and financial issues arising from such a project. A network of demonstration projects is needed to show the viability of blue carbon and to work out in a practical way the problems and pitfalls of running a project. Blue carbon as a vehicle for conservation, sustainable use and restoration also needs to be fully integrated into existing national and regional policy frameworks as a mechanism for climate change mitigation. Most projects have suffered from poor management protocols, such as not having proper success or failure criteria and have suffered from poor or uncertain methodology. Of prime importance is assessing the existing hydrology of natural habitats and then applying this information to the habitat to be restored. Financing remains a key concern for blue carbon projects, but there are many funding agencies available as finance mechanisms, including the voluntary carbon market.