About the program
The Global Ocean accounts Partnership is collaborating with the Australian Government Department of Climate Change, Energy, the Environment and Water and the International Union for Conservation of Nature (IUCN) to develop blue carbon restoration and conservation projects within the Indo-Pacific region and help pave the way for private sector finance through the Blue Carbon Ecosystem Conservation, Restoration and Accounting Program.
The program is supported by the Blue Carbon Accelerator Fund (BCAF) which Australia and IUCN established as a dedicated funding scheme with a vision to help increase coastal blue carbon ecosystems conservation and restoration for the benefits of climate change mitigation and adaptation, biodiversity and livelihoods of coastal communities. To achieve this, the fund offers support through three pathways.
Pathways of support
- Readiness support: Supports project developers with activities to get projects ready for implementation and future private sector finance – growing the global portfolio of credible and investment-ready blue carbon projects.
- Implementation support: Supports on-the-ground blue carbon ecosystem restoration or conservation projects that will demonstrate and measure climate, biodiversity and livelihood benefits – enhancing the business case for private sector investment in blue carbon ecosystems.
- Project assistance: BCAF-supported projects will also have access to technical guidance, collaborative networks and exposure to opportunities for future financing.
Role of the Global Ocean Accounts Partnership (GOAP)
GOAP is responsible for establishing project-level Environmental-Economic Accounting (EEA) for the 'Implementation support' projects and demonstrating that EEA is a credible and cost-effective approach for measuring, valuing and verifying the benefits for climate, biodiversity and people generated through restoring or conserving coastal blue carbon ecosystems.
The four projects selected to receive implementation support funding can be viewed here.