LocationsThrough collaboration, island states can harness the potential of the blue carbon market
The Power of Working as One: Connecting the Small Island Developing States
June 18, 2024
A key carbon sequestration potential for SIDS includes its coastal and marine ecosystems. These ecosystems, which can capture carbon up to forty times more effectively than terrestrial forests and store it in the underlying soils for extended periods, can facilitate climate change mitigation using the Blue Carbon market concept.
UNDP Mauritius
Small Island Developing States (SIDS) are facing multifaceted challenges caused by climate and debt-related crises while still rebuilding from the aftermath of the COVID-19 pandemic. The SIDS4 Conference in Antigua and Barbuda in late May 2024 has been another opportunity for a sharing, listening, and learning process among SIDS to amplify their voices. This was the fourth such conference in the last 4 decades.
From Samoa to Antigua & Barbuda …
The Samoa Pathway emphasized climatic threats to SIDS through sea-level rise and other adverse impacts of climate change, which continue to pose a significant risk to Small Island States. Additionally, SIDS have been grappling with external debt shocks, which have surged by 70 percentage points since 2009. Consequently, the average rate of external debt to gross domestic product has increased by 11 percentage points to 61.7 percent in 2019 (UN (United Nations) Resolution A/RES/77/245). This increased fiscal pressure requires that SIDS reengineer their future to foster their resilient prosperity. In this context, raising domestic revenue is becoming increasingly pertinent to bolster SIDS' capacity for sustainable development.
The SIDS4 Conference in Antigua and Barbuda included an interactive dialogue on making climate finance work for SIDS. Conversations focused on unlocking Nationally Determined Contribution (NDC) Finance in SIDS through Integrated National Financing Frameworks (INFF), on which SIDS like the Seychelles tapped on to mobilize and align financing with national plans and climate adaptation and mitigation priorities. Due consideration is put on all dimensions of sustainability and risk management and broaden participation in the design, delivery, and monitoring of financing policies. For Mauritius and Seychelles, which are surrounded by the vast southwest Indian Ocean, enhancing climate finance also includes leveraging blue carbon market opportunities.
Mangrove plantations at Baie Malgache, Rodrigues, semi-autonomous island of the Republic of Mauritius.
Stéphane Bellerose / UNDP Mauritius
Blue Carbon markets for Mauritius and Seychelles …
Despite being low-emitting countries, many SIDS have made strong commitments to a net-zero, climate-resilient future through their Nationally Determined Contributions (NDCs). For these island states, which have benefited from the UNDP Climate Promise to uplift their climate actions, the NDCs represent a key development opportunity to support adaptation needs. A key carbon sequestration potential for SIDS includes its coastal and marine ecosystems. These ecosystems, which can capture carbon up to forty times more effectively than terrestrial forests and store it in the underlying soils for extended periods, can facilitate climate change mitigation using the Blue Carbon market concept.
For instance, a single hectare of mangrove forest and seagrass bed, stores on average 386- and 108-tons C respectively and captures approximately 31 and 48 Teragrams C each year , 2014, respectively. The captured and stored carbon from these restoration/ conservation projects can be used to generate “credits” that are then sold to global buyers that want to offset their own carbon emissions.
SIDS have a lot to gain from building their own financial incentives for preserving and restoring the underlying coastal natural assets. Blue carbon finance are now high on the SIDS agenda which requires further debate to ensure that countries are able to meet climate change commitments, by reducing greenhouse gas emissions while safeguarding their coastal and marine environment. To achieve this goal, a comprehensive framework of conditions is needed to facilitate successful carbon investing. This includes more precise and reliable measurement, reporting and verification of carbon dioxide equivalents, and improved accounting practices and safeguarding national and local community interests.
Seagrass at Curieuse Island, Seychelles
Stéphane Bellerose / UNDP Mauritius
Connecting efforts to enhance Blue Carbon markets in SIDS …
The UNDP Mauritius and Seychelles Multi Country Office (MCO) has started a conversation among sister offices in Cabo Verde, Comoros, Guinea-Bissau, Maldives, and Sao Tome & Principe, representing the majority of the African, Indian Ocean and South China Sea (AIS) SIDS around Blue Carbon market potential for the host SIDS. The commonality among these SIDS lies in their vast ocean-based potential, which represents an opportunity to unite efforts towards a shared goal that could benefit all involved SIDS.
Working together represents a powerful opportunity that can help SIDS navigate and successfully harness the potential of the blue carbon market to enhance their NDC commitments. This will undoubtedly strengthen the resolutions made during the SIDS4 Conference.