The Blue Carbon Accelerator Fund (BCAF) supports the development of blue carbon restoration and conservation projects in countries outside Australia and help pave the way for private sector finance.
The Blue Carbon Accelerator Fund provides funds for:
- Readiness support that will help project developers with activities to get projects ready for implementation and future private sector finance.
At the 2022 United Nations Ocean Conference, the first successful projects for readiness support were announced.
Project Proponent Project Summary What BCAF will achieve Benin
This project is aiming to use carbon credits to help finance the conservation and protection of mangrove forests in Bouche du Roy, a MAB UNESCO biosphere reserve. With the support of BCAF, the project will go through an extensive feasibility assessment process to determine if it can meet certification requirements – a key first step towards attracting further investment in the project and eventually selling carbon credits in the voluntary market. Madagascar
UNIMA, WWF and TERAKA
This project is planning to protect and restore 2,000 ha of mangrove forest across three sites on the north-western coast of Madagascar. Between 2000 and 2018, Madagascar experienced an overall net loss of mangroves of nearly 60,000 ha, which corresponds to a loss of 20% of its mangrove area. Beyond the protection and restoration of mangroves and the development of a new income stream from carbon credits, this project will also help increase fish stocks, protect freshwater and increase habitat for biodiversity, including threatened species (as classified by the IUCN Red List). The mangroves will also provide a basis for crab farming, offering further income opportunities for local communities. Peru
Consorcio Manglares del Noroeste del Perú
In Peru, a partnership formed by six artisanal fisher’s organisations has been in charge of managing the National Sanctuary Manglares de Tumbes since 2018. The Sanctuary protects the largest area of mangrove forest in Peru and is a Ramsar site. With the support of BCAF funding, the project will be able to verify the carbon sink capacity of the area and pursue certification, which will allow the project to start selling certificates in the voluntary market. In addition, BCAF will also help fund a master plan for the management of the area, as well as a business plan that will ensure financially sustainable management of the area. Philippines
Zoological Society of London (ZSL) and Coast4C
In the Philippines, ZSL and Coast4C are working to combine their proven conservation and rehabilitation approaches to protect and restore large areas of mangrove forest using their assisted natural regeneration approach. With the support of BCAF, the project will conduct a detailed feasibility assessment to determine the financial viability of scaling up and commercialising their blue carbon project. The feasibility assessment will include technical mapping and carbon modelling, as well as commercial analysis, and is a crucial first step towards carbon certification.
- Implementation support for on-the-ground blue carbon ecosystem restoration or conservation projects that will demonstrate and measure benefits for climate, biodiversity and people, and enhance the business case for private sector investment in coastal blue carbon ecosystems.
Australia is working in partnership with the International Union for the Conservation of Nature (IUCN) to deliver the BCAF and support on-the-ground restoration and conservation activities.
The BCAF builds on the strong work and templates for success of the Blue Natural Capital Financing Facility (BNCFF), and will be managed in parallel to the BNCFF.
Find out more about the BCAF implementation support from the IUCN.
Apply for implementation support before 7 September 2022.