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BHP awards Blue Carbon grants

15th June 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Major BHP has announced three recipients of its grants program aimed at driving the development of the blue carbon market, with the miner providing A$5-million over three years.

Deakin University’s Blue Carbon Lab has been tipped as one of the recipients, with the program restoring coastal wetlands through low-cost strategies and supporting the uptake of blue carbon restoration projects through tidal reinstatement along Victoria’s coastline.

Tidal Moon is another recipient, developing one of the world’s largest seagrass restoration projects targeting a portion of the estimated 100 000 ha of damaged sea grass meadows in Shark Bay, Western Australia.

James Cook University, the third recipient, is developing the first meadow scale seagrass restoration project in tropical Australia in the Wet Tropics region of the Great Barrier Reef World Heritage Area.

We are excited to support the development of the emerging blue carbon market in a way that delivers climate, nature and community benefits,” said BHP group climate and sustainability officer Fiona Wild.

“The large number of applicants for our program makes it clear that there is significant interest in taking action for our environment and for our communities, and BHP is very pleased to be working with the successful recipients.”

BHP’s grant program was developed with the support of Pollination, a leading climate change investment and advisory firm. It comprises the Blue Carbon Breakthrough Grant Program, which supports more advanced projects ready for execution in 2024, and the Blue Carbon Enabler Program, which supports earlier stage projects where the outcomes are expected to be realized over a longer time period.

Blue carbon refers to carbon captured by the world’s ocean and coastal ecosystems and projects to conserve and restore these ecosystems are increasingly being recognized for the important role they play in mitigating climate change.

Edited by Creamer Media Reporter

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