There is increasing momentum to expand markets to incorporate marine ecosystems as a financing response to the impacts of the climate crises. However, it is important to assess the efficacy of this approach against the urgent need to reduce emissions to below 1.5 degrees Celsius and upholding the responsibilities Pacific peoples’ have for ocean guardianship.
Carbon markets are being promoted as a win-win solution on climate action, offsetting emissions while transferring financing to developing countries. This report assesses these claims and what this means for the push to expand carbon markets into marine ecosystems – known as ‘blue carbon’.
By examining carbon market track records in the Pacific and drawing on market analysis, the analysis has found that carbon market approaches, by nature, have failed to meet its promise of emissions reduction and consistent funding for communities.
Instead of pursuing carbon markets, the report calls for wealthy countries to make meaningful emission reductions and to pay up on their climate debt by providing consistent and adequate funding. Pacific communities deserve support for climate solutions that are born from our practices and governance, in alignment with the knowledge and relationships we have crafted over thousands of years.