Voluntary carbon market experts Climate Impact Partners and Deloitte on Wednesday launched a programme to unlock financing towards seagrass recovery in the UK, as part of a wider seagrass carbon code currently under development in the country.
The initiative, developed in partnership with scientists from Project Seagrass and the UK’s National Oceanography Centre, seeks to finance research on those vital ecosystems, including their mapping across the country, in a bid to implement long-term restoration strategies.
According to Climate Impact Partners, the programme seeks to support the development of a new seagrass carbon code in the UK, which is being designed to enable companies to finance biodiversity recovery more quickly and on a larger scale.
“Despite seagrass’ crucial role in sequestering carbon, protecting coastlines, and supporting marine biodiversity, seagrass restoration has been underfunded, with nearly a third of seagrass lost globally in the last century,” Climate Impact Partners said in a statement.
In particular, the programme will focus on enhancing the scientific knowledge of carbon sequestration, piloting new techniques for seagrass propagation, and engaging local communities in restoration efforts.
“This seagrass programme, developed by Climate Impact Partners, enables us to learn more about these marine ecosystems, fund critical research, and help unlock a powerful tool in the fight against the climate crisis,” Smruti Naik-Jones, chief sustainability officer at Deloitte UK and North & South Europe, said in Wednesday’s statement.
“[Seagrass meadows] have been neglected for decades, which has led to their large-scale degradation and loss. This programme exemplifies how we can turn that loss into an opportunity for environmental renewal through large-scale restoration,” Claire Evans, biogeochemist at the National Oceanography Centre, added.
Development of a seagrass carbon code is next in line after the UK Saltmarsh Code, which is still ongoing. A first pilot version of the salt marsh code is expected later this year.
Globally, efforts to scale blue carbon projects, including restoration of seagrass, mangroves, and salt marshes, are far less mature than other areas of the voluntary carbon market, with considerable discrepancies about the methodologies to use.
Experts agree that more work needs to be done on building the evidence base and longevity of data sets to better understand seagrass and kelp in relation to carbon sequestration, as Caroline Price, head of nature and environment at The Crown Estate, told Carbon Pulse in May.
By Giada Ferraglioni – giada@carbon-pulse.con
*** Click here to sign up to our twice-weekly biodiversity newsletter ***
