According to the Carbon Management Institute, co-benefits are positive outcomes associated with carbon farming projects that, in addition to the emissions avoided or carbon stored. These environmental, social, cultural, and economic benefits directly result from a project. Where demonstrated, they can be attached to and increase the value of carbon credits generated from the project. Co-benefits are a key policy driver for the Commonwealth, state and territory governments. They are seen as able to deliver on multiple non-climate benefits that might otherwise require alternate investment.
By integrating co-benefits, BC-S2C can help drive investment into repairing degraded landscapes, improving the health of the environment, protecting areas of high conservation value, delivering jobs in rural and regional communities, providing new income streams, and protecting Indigenous peoples’ cultural heritage and traditional land management practices. Some examples of blue carbon co-benefits are listed below:
- Blue carbon ecosystems are some of the most resilient habitats on earth.
- Predicted sea level rise may result in a loss of these habitats.
- We bring innovation and adaptive management techniques for blue carbon ecosystems in the face of climate change.
- Protect, restore existing carbon sinks at scale or create new ones.
- Repairing degraded landscapes brings benefits to biodiversity.
- Conservation of blue, teal & green ecosystems.
- Improve storm surge, flood mitigation and rising sea level resilience.
- Improve local water quality.
- Meet international, national & local sustainability policies.
- Support local economies e.g. eco-tourism, fisheries, aquaculture.
- Protecting shorelines and coastal property.
- Create long term jobs in remote and regional communities.
- Generate wealth (wages, taxes, suppliers, carbon royalties).
- Meet several UN SDG & ESG indicators objectives.
- Help companies meet their net zero and decarbonisation goals.
- Protect Indigenous peoples’ intergenerational cultural heritage.
- Jobs & businesses allow communities to stay on-country.
- Traditional land management practices.
- Food security in remote areas.
BC-S2C will be working with Australian and global carbon market players to achieve:
- A level of consistency and credibility in the ‘meta-standard’ and around the measurement, reporting and verification of co-benefits.
- A strong co-benefit market development by helping build robust co-benefit taxonomy, transparency, assurance and standards frameworks that can be integrated with existing carbon market structures.
- Clear, consistent, easily accessible information, including price, volume, and origination data.
BC-S2C is actively contributing to the development of Australian blue carbon methods and policy. This is an important aspect of our business because, we want to maximise the co-benefits our projects can bring at a scale which will make material and tangible differences to our environment and communities”.
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