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Indonesia, WEF join hands to unlock blue carbon potential
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Protective plants: A local resident takes part in the planting of mangrove seedlings in Marannu village in Maros regency, South Sulawesi on May 26, 2022. (Courtesy of/South Sulawesi provincial government)
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ndonesia and the World Economic Forum (WEF) have signed a partnership to scale up the nation’s ocean ecosystem restoration and conservation efforts, in a bid to tap rapidly increasing demand for blue carbon credits and projects.
The cooperation, signed in Davos, Switzerland on Thursday, will help develop Indonesia’s national road map detailing national priorities on blue carbon, which in turn will accelerate strategic financing to advance restoration and conservation efforts, the WEF said.
Blue carbon credits are credits linked to carbon stored in coastal and marine ecosystems such as mangroves, salt marshes and seagrasses.
“Creating this partnership between Indonesia and the Forum to work on blue carbon will really help accelerate our efforts for climate action,” Coordinating Maritime and Investment Affairs Minister Luhut Binsar Pandjaitan said in a statement on Thursday.
Read also: Indonesia, WEF launch Ocean 20 initiative for sustainable ocean management
Global demand for carbon credits is projected to increase 15-fold and be worth up to US$50 billion by 2030, propelled by companies’ bold net-zero commitments, which are partly achieved by purchasing carbon credits to offset their emissions.
Blue carbon in ocean ecosystems has the capacity to store up to five times more carbon per acre than typical rainforests, making its credits a huge potential to represent a significant portion of the global carbon credit market, the WEF said.
