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Deakin University’s Blue Carbon Lab is continuing its relationship with HSBC, with confirmation of funding for a new project.

The two-year partnership will enable Deakin scientists to expand the program ‘Queensland Blue’ and conduct a feasibility assessment of sites within Great Barrier Reef catchments to identify pilot blue carbon projects which can be prioritised for restoration and generation of Australian Carbon Credit Units (ACCUs). The partnership has the support of carbon project developer WeAct and the Great Barrier Reef Foundation.

The new project aims to accelerate an active blue carbon market in Australia as part of HSBC’s broader support for nature-based solutions which can help drive the transition to a low carbon economy.

Director of the Blue Carbon Lab, Dr Peter Macreadie said:
“Previously, we mapped blue carbon opportunities at the scale of the whole Great Barrier Reef catchments. In this project, we will delve into questions such as, how amenable are landholders to blue carbon projects and what price would need to be charged per ACCU to make blue carbon projects cost-effective.”

The project follows an existing collaboration between the Blue Carbon Lab and HSBC that aims to build a better understanding of the potential for blue carbon additionality in Australia and how different conditions can impact sequestration rates, as well as climate change mitigation outcomes.
In Australia, HSBC has supported research initiatives like the ‘Mapping Ocean Wealth program’ and the ‘HSBC Citizen Science program’ specifically focused on exploring the value of coastal wetlands and their capacity to serve as carbon sinks.

According to HSBC Australia’s Head of Corporate Sustainability, Alpa Bhattacharjee, the ultimate aim of this program is to increase the supply of projects eligible to generate Australian Carbon Credit Units (ACCUs) under the blue carbon methodology announced by the Clean Energy Regulator in January this year.

The partnership aligns with their global commitment to accelerate the transition to a net zero economy, which includes a focus on nature-based climate solutions, such as blue carbon.

“Blue carbon has become front-of-mind for decision makers grappling with the best ways to meet the goals of the Paris Agreement. However, practical issues prevent the development of a full-scale market, and our aim is to help overcome those barriers by creating financial mechanisms that can be replicated elsewhere in the world.”

This project is key to inform blue carbon restoration projects and collection of ACCUs in Australia. It will accelerate the identification of suitable sites for the development of blue carbon restoration initiatives and the replication of methodology across many other geographies and catchments.

 

This press release has been prepared by Deakin Media.

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Deakin University
  • Home
  • About
    • What we are about
    • Who we are
      • Professor Peter Macreadie
      • Dr Paul Carnell
      • Dr Stacey Trevathan-Tackett
      • Dr Maria del Mar Palacios
      • Dr Pawel Waryszak
      • Dr Melissa Wartman
      • Dr Micheli Duarte de Paula Costa
      • Dr Noyan Yilmaz
      • Dr Christina Birnbaum
      • Dr Martino Malerba
      • Dr Tiffany Sih
      • Dr Taryn Laubenstein
      • Dr Christina Asanopoulos
      • Dr Tanveer Adyel
      • Dr Valentina Hurtado-McCormick
      • Dr Elodie Camprasse
      • Dr Sabiha Marine
      • Melanie Bok
      • Interns and Volunteers
      • Alumni
  • Research
    • Wetland Carbon
      • Blue Carbon
        • Seychelles Blue Carbon
        • Queensland Blue
        • Victoria’s Blue Carbon
        • Blue Carbon Management
      • Teal Carbon
        • Farm Dams
        • Teal Wetlands for Carbon Offsetting
        • Victoria’s Teal Carbon
      • TeaComposition H2O
    • Ecosystem Services
    • Ecosystem Restoration
      • Wetland Restoration
      • Kelp & Seagrass restoration
      • Maximising Teal Carbon capture
    • Citizen science
      • HSBC citizen science
      • GeelongPort citizen science
    • Microplastics
    • Marine Biosecurity
    • Decommissioning Infrastructure
  • Services
    • Wetland Carbon Assessments
    • Environmental Assessments
    • Environmental Restoration
    • Citizen Science
    • System of Environmental Economic Accounting (SEEA)
    • Feasibility Assessments
    • Remote Sensing
    • Microbial Analysis
    • Marine Biosecurity
  • Publications
  • Vacancies
  • News
  • Donate
  • Contact
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