Carbon market and climate finance schemes (e.g. the CDM, REDD+ and the Green Climate Fund) are being investigated for their ability to achieve enhanced sustainability outcomes in terrestrial forests, lowland grasslands and marine ecosystems, all which store large amounts of carbon (C). To date however climate policy discourse has largely overlooked the conservation of existing C stored in mountain grasslands and shrublands. These ecosystems provide critical ecological goods and services to humanity yet are increasingly at risk from anthropogenic stressors including agricultural intensification, mining and climate change. The absence of a global estimate for these C stocks is likely to be one reason for their exclusion from climate change policy discussions, both on a political and scientific basis. This represents a missed opportunity in two respects: firstly, by conserving and restoring existing C stocks the impacts of climate change can be lessened; and secondly, carbon finance and climate finance might provide the necessary financial support to address the aforementioned stressors. In this paper we use spatial analysis and estimate there to be between 60.5Pg C and 82.8Pg of C contained within biomass and soils of the world's mountain grasslands and shrublands. To put this in perspective, globally tropical Savannas and grasslands, temperate forests and tropical peatlands are estimated to contain 326–330Pg C, 159–292Pg C and 88.6Pg C respectively. Our review of existing empirical studies and of United Nations Framework Convention on Climate Change (UNFCCC) national greenhouse accounts suggests that this C is not reliably accounted for in international carbon budgets. Our estimate is the first to provide a global point of reference, useful in developing future research and in climate policy discussions. We conclude by briefly discussing how climate finance might be leveraged to support the sustainable management of these C stocks, and in so doing uphold the other important socioeconomic benefits provided to humanity.
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