Blue Natural Capital

The Blue Natural Capital solution with Rare

With foundational support from local communities and stakeholders, and funding from BCAF, the project will undertake a pre-feasibility assessment of blue carbon market potential to determine whether the desired large-scale project in the area can meet carbon certification requirements. This is a key first step towards attracting further investment in the project and eventually selling carbon credits. A draft financial model and draft business plan will outline the next steps for project design with a focus on community engagement and support through continuing conservation efforts .

Main activities

Develop a coastal blue carbon market project feasibility assessment to outline the mitigation and adaptation potential of the area, requiring:

• Community meetings and participation, including community surveys. One of these will be a vital baseline survey of community awareness of climate adaptation readiness
• A map of relevant stakeholders, developed through assessment and identification in stakeholder consultation
• An understanding of potential species increases based on modelling, including calculations on the extent of mangrove restoration and other project variables.
• The participation of women in the feasibility process and gender-focused sessions.

Stakeholder assessment and mapping through stakeholder consultation is designed to:

• Raise awareness about mangrove restoration potential,
• Provide an overview of High-Quality Blue Carbon Market Principles,
• Assess social issues and drivers of degradation to ensure full community buy-in and reduce the risk of destructive activities being displaced to other areas,
• Ensure information collected in the pre-feasibility assessment is grounded by applying the findings to laws and regulations in the local context, and inclusion of any perceived barriers to success
• Identify who are beneficiaries of the blue carbon ecosystem services and socialise the need to reduce pollution and unsustainable fishing practices.

Build the draft financial model, founded on the pre-feasibility assessment and designed for the local community to benefit directly.

Establish a draft business plan, part of the financial model construction.

• The initial stages of the business plan will outline how projected carbon credit revenue will support creation and maintenance of a type of Community Development Fund, which would ultimately be established and operationalized if the project continues beyond this readiness project.
• The Community Development Fund is hoped to incentivise local participation in mangrove conservation and management, ensuring sustainability and scalability of the work.
• If operationalized in future stages, it is envisioned that any surplus revenue would be managed by the Community Development Fund to support local development. Equitable recommendations for a Benefit Sharing Plan will be required in the future stages if the project continues.

Working with government and associated regulations at multiple levels

• This project builds on ongoing relationships with local municipalities and TSPS governance bodies.
• Partners will work with the Protected Area Management Board (PAMB) for execution of the project and engage the Department of Environment and Natural Resources Biodiversity Management Bureau (DENR-BMB) for support with policy creation, technical expertise, capacity building, research, partnerships, advocacy, and resources.