The Australian government on Friday distributed a draft sustainable ocean plan for public comment, offering little in terms of specifics at this early stage but saying the plan would bring a long list of opportunities, including for carbon and biodiversity markets.

The plan is being developed as part of Australia’s commitments under the High Level Panel for a Sustainable Ocean Economy, and the work seeks to bring in a broad group of stakeholders to carve out a path towards a healthy and resilient ocean.

“A Sustainable Ocean Plan provides the opportunity to consider how Australia will manage our ocean in the future,” the Department of Climate Change, Energy, the Environment and Water said.

A lot of engagement work has already been done with various groups, though at this stage the draft plan does not contain any specific proposals or recommendations, but instead outlines potential opportunities for various sectors and groups, as well as how it can benefit other policy areas.

“Investing in ocean-based solutions to climate change has proven to be effective and economically beneficial,” the draft said.

“The Ocean Panel found that ocean-based actions can deliver up to a fifth of the annual greenhouse gas emissions cuts needed to limit global temperature rise to 1.5C by 2050.”

For Australia that means an opportunity to scale up its nature-based solutions, including driving more blue carbon projects under its Australian Carbon Credit Unit (ACCU) Scheme as well as developing marine-based methodologies in its planned Nature Repair Market, the plan said.

“Marine industries and organisations have raised the importance of addressing structural and regulatory barriers to support further uptake of new opportunities to mitigate, restore, and decarbonise including by harmonising regulatory arrangements and improving national coordination.”

The government asked for input on a wide range of issues, including on how it can support the establishment and operation of First Nations-led and co-owned sustainable businesses, develop funding mechanisms and framework for startups, expand its network of Marine Protected Areas, reduce ocean pollution, and more.

The public consultation process closes on Sep. 13, and the government plans to discuss the plan in further detail during its planned Global Nature Positive Summit in Sydney in October.

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