BHP announces grants to support blue carbon market

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Image credit: www.bhp.com

BHP has introduced a new 3-year $3 million grant program to assist the growth of the Australian blue carbon market by giving money and support to new blue carbon projects.

Carbon found in near-coastal ecosystems such as mangroves, seagrasses, tidal marshes, and seaweed is known as blue carbon.

BHP’s Blue Carbon Breakthrough Grant Program is now accepting proposals for shovel-ready projects, while BHP’s Blue Carbon Enabler Program is accepting Expressions of Interest for projects in the early stages of development.

Pollination, a renowned climate change investment and advising firm, helped establish the grant program.

Adertisement

“BHP is supporting long term work to assess the scale of blue carbon opportunity in Australia and stimulate the uptake of blue carbon project development in a way that delivers both environmental and community benefits,” said BHP’s Head of Climate Resilience Ashley Preston in a media release.

“We are pleased to work with Pollination on this grant program, which supports BHP’s commitments to action on climate, conservation, restoration and sustainable use of marine and terrestrial ecosystems.”

According to the media release, BHP is also co-investing in a blue carbon research program with the CSIRO. The goal of this collaboration is mapping and calculating the climate change mitigation potential (measured in CO2-e) of blue carbon ecosystems in Australia.

Image credit: www.bhp.com