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Three organizations have been named as recipients of BHP’s grants program aimed at driving the development of the Australian blue carbon market.
Launched in June 2022, BHP’s grant program aims to provide funding and support to emerging blue carbon projects with the provision of over A$5 million over three years. Blue carbon refers to carbon captured by the world’s ocean and coastal ecosystems and projects to conserve and restore these ecosystems are increasingly being recognized for the important role they play in mitigating climate change.
The grant recipients are: Deakin University Blue Carbon Lab for restoring coastal wetlands through low-cost strategies and supporting the uptake of blue carbon restoration projects through tidal reinstatement along Victoria’s coastline; Tidal Moon for one of the world’s largest seagrass restoration projects targeting a portion of the estimated 100,000 hectares of damaged sea grass meadows in Shark Bay, Western Australia and James Cook University for the first meadow scale seagrass restoration project in tropical Australia in the Wet Tropics region of the Great Barrier Reef World Heritage Area.
The program was developed with the support of Pollination, a climate change investment and advisory firm. It comprises the Blue Carbon Breakthrough Grant Program, which supports more advanced projects ready for execution in FY2024, and the Blue Carbon Enabler Program, which supports earlier stage projects where the outcomes are expected to be realized over a longer time period.
“We are excited to support the development of the emerging blue carbon market in a way that delivers climate, nature and community benefits,” BHP’s group climate and sustainability officer Fiona Wild said in the statement.
“The large number of applicants for our program makes it clear that there is significant interest in taking action for our environment and for our communities, and BHP is very pleased to be working with the successful recipients.”
“There is enormous potential for blue carbon projects to help support Australia’s net zero and nature positive transition, and we are pleased to have worked with BHP as it supports the development of the blue carbon market in Australia,” Pollination chief executive officer Martijn Wilder added.
“With these grants from BHP, these projects will be able to demonstrate how blue carbon activities can be deployed on the ground, with the potential to be replicated and scaled across the country in future. As a company that works bringing great ideas together with financing and the expertise to make them reality – we have been thrilled to be part of this process.”
