The French government has become the first in Europe to approve an accounting methodology for a carbon project that will protect the crucial Posidonia seagrass meadows along a stretch of coast overseen by the Calanques National Park.

France’s Ministry for the Ecological Transition last week approved the methodology under its Label Bas-Carbone carbon crediting programme.

The methodology, seen as a breakthrough for marine biodiversity-protecting blue carbon programmes in Europe, was developed by a group of companies and organisations – UK-headquartered developers EcoAct, Digital Realty France, Schneider Electric France, and Calanques.

“The first-in-class methodology paves the way for the effective preservation of an important carbon stock and a key natural habitat of the Mediterranean – the Posidonia meadows,” EcoAct said in a press release.

Blue carbon is increasingly seen as an effective way of sequestering carbon while at the same time providing habitat for and protecting vulnerable marine ecosystems.

While some are gearing up to initiate projects or buy credits from the emerging voluntary biodiversity credit market, carbon projects with a biodiversity component are seen as the most important market-based driver for nature protection and ecosystem restoration in the short term.

So far those projects have largely been forestry-related, but coastal ecosystem schemes are increasingly catching investors’ attention.

However, accurate monitoring, reporting, and verification methods have continued to be a stumbling block for widespread deployment of such projects, which is why the French accounting method has been welcomed.

“The Calanques National Park confirms its position as a territory turned towards innovation and the search for global solutions in favour of biodiversity preservation and the ecological transition,” said Gaelle Berthaud, the park’s director.

“With the methodology now approved, the National Park is currently working, in conjunction with the territory’s local authorities, on a project to be submitted to the Ministry for the Ecological Transition, which we hope will enable us to integrate the carbon market as a beneficiary.”

When it goes live, the project is expected to store around 24,000 tonnes of CO2 per year on average.

By Stian Reklev – stian@carbon-pulse.com

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