Blue Carbon Governance framework™️
“Through co-creation of effective projects, which conserve, restore and regenerate Blue Carbon Ecosystems we are fighting the effects of climate change and human interference on these Blue Carbon Eco-systems.”
The Blue Carbon ecosystems are gaining international recognition as a natural climate solution to contribute to climate change mitigation and adaptation targets, being carbon sinks (see What is blue carbon).
To sustain these eco-systems, projects must be initiated.We ran into the fact that it is very difficult for Blue Carbon projects to receive funding and acknowledgement of the investment world. The word is out, there is a lot of capital and wealth available for sustainability i.e., Blue Carbon projects. The reality is different.
In our experience a lot has to do with the fact that current standards and practices around the Blue Carbon projects can be a black box and are not in line with what the investment world requires, to consider investing in the projects. There is no trust and transparency, which can lead to fear for hoax and fraud.
The Voluntary Carbon market (VCM) in this respect is still associated with numerous risks.
To build confidence in this market and help the blue carbon eco-systems to establish well-organized project and acquire the well-needed funding, several institutions have created guidelines and principles to bring reliability to the VCM.
In adherence and respecting the principles and guidance as described in the “Core Carbon Principles, Assessment Framework and Assessment Procedure”
of The Integrity Council for the Voluntary Carbon Market (VCM), the “High-Quality Blue Carbon Principles and Guidance”
framework of Ocean Risk & Resilience Action Alliance (ORRAA), using the Policy framework drafted by the Blue Carbon Initiative (BCI) and the Marine Spatial Planning (MSP) process, TogetherForTheBetterGood strives to:
- – Decrease/eliminate green- and blue-washing and fraud,
- – Build public confidence in the reliability of voluntary blue carbon markets.
- – Decrease the lack of governance and control.
- – Build robust monitoring, reporting and verification processes.
The origin of the Blue Carbon Governance Framework™️
The financial services industry itself is an extremely regulated industry due to complexity and associated high risks. These risks are being closely monitored and controlled by a structural organizational set up and with continuously developing frameworks of risk management, control, and compliance.
Investors, funders, and carbon credit organisations for blue carbon projects therefore want to be provided with reliable data on the status of the blue carbon project, in every phase of its lifespan, in accordance with their own way of governance.
Two worlds trying to work together but unfortunately do not speak the same language.
We applied our broad knowledge and experience in this financial services industry (see team) to the processes around Blue Carbon projects, -offset and -credit issuance. Then we combined this with our recent practical knowledge of the projects in the Caribbean we have worked on.
The Blue Carbon Governance framework™ is our solution. By implementing the Blue Carbon Governance Framework™ Blue Carbon projects will be managed in a risk-based and concise manner. As a result, through this a bridge will be built between on one side Blue Carbon projects with all its stakeholders and the investors, funders, carbon credit companies on the other side.
The framework encompasses all ‘ingredients’ of a Blue Carbon project:
1. The projects being the sweet spot of the framework
2. Stakeholders of the project being (local) government, indigenous and local people, NGO’s, science (list is not exhaustive)
3. Funders/Investors in the project: without their funding the project cannot become viable for carbon offset and credit issuance
4. Independent credit verifiers
5. Credit/financial product buyers- who (probably) need the credits to offset their CO2 output
And then the management of all the flows, processes and procedures which connect all the parties involved
Follow the money and transparency & reporting.
The reason that we want to do this is of course manyfold. But the main reason is best translated through our Mission.