CARBON emissions are now a major global problem due to the acceleration of global warming. The ocean is the greatest active carbon pool in the world, able to store up to 30% of the carbon dioxide (CO2) released annually by human activity.
This carbon storage period can extend up to thousands of years. “Blue carbon” refers to the CO2 that is taken up and held by marine life and ocean activity. Tidal marshes, mangroves and seagrasses ecosystems come under the umbrella of blue carbon.
To combat climate change, numerous nations have developed and put into effect regulations aimed at safeguarding blue carbon resources.
A widely accepted objective for the international response to the climate change challenge is “carbon neutrality.”
Numerous activities have been made in support of this common objective by governments, multinational corporations, non-profit organisations, and other organisations.
All nations committed to keeping the rise in Earth’s temperature to less than 2 degrees Celsius, starting with the 1997 “Kyoto Protocol” and ending with the 2016 “Paris Agreement.”
The “European Green New Deal,” announced by the European Union in December 2019, aimed to achieve “Net zero emissions” of greenhouse gases by the year 2050.
In addition to the United States, other nations that have committed to “net zero emissions” include Japan, South Korea, Malaysia, and others.
It is evident that the main international organisations and countries have committed to achieving “carbon neutrality” and have come to certain understandings and conclusions.
The concept of “carbon neutrality” encompasses not just government involvement but also the involvement of manufacturers, carbon sink providers, individual consumers, and the public.
The objective of “carbon neutrality” can be effectively realised in practice by combining these factors using market trading mechanisms.
Green carbon, or the carbon sink on land, and blue carbon, or the carbon sink in the ocean, are the two main mechanisms involved in the generation of carbon sinks.
Governments, academics, and allied organisations have acknowledged green carbon, which has grown quickly.
Regional carbon sink trading markets like voluntary carbon markets (VCM) have been developed by certain nations.
Owing to its belated discovery, blue carbon has not received the attention it deserves, and its carbon sink mechanism an
d measuring techniques are incomplete.
The blue carbon sink trading market has thus not yet reached its full potential. Blue carbon ecosystems, however, offer an advantage over other ecosystems.
It has capacity to store or sequestrate 5 times more carbon than another ecosystem. It completes over 55% of the Earth’s carbon sink and stores 93% of the planet’s CO2 emissions.
It ought to be included as soon as possible in the carbon sink trading market system since it is the biggest carbon pool in the world.
In support, the “Global Blue Carbon Market” plan was suggested in the 2011 “Blueprint for Sustainable Development of Ocean and Coastal Areas” published by the five main United Nations agencies.
Including blue carbon activities in voluntary carbon markets and other carbon financial mechanisms aimed at mitigating climate change is one of the five policy goals set forth in the 2012 “Blue Carbon Policy Outline.”
The development of the blue carbon market (BCM) has drawn increased attention since then.
By valuing the blue carbon and integrating it to the carbon market, blue carbon market can be established. It is necessary to take into account issues like unclear accounting practices, unclear ownership of blue carbon and insufficient financial resources for oversight and leadership.
So here is question what BCM will give the benefit:
The establishment of Blue Carbon Market (BCM) will help countries to achieve their net zero targets.
BCM will provide more clarity in the accounting methods for blue carbon.
BCM will raise awareness in the community about the high quality of blue carbon credits compared to other carbon credits.
BCM will give confidence to investors in this nature-based solution (NBS) carbon business for mitigating climate change.
A stable price for blue carbon credits.
Mangroves are the primary focus of blue carbon research in Malaysia. The country has an estimated total mangrove area of 629,038 hectares as of 2017, with Sabah (60%), Sarawak (22%), and Peninsular Malaysia (18%) having the largest areas.
The average mangrove carbon stock in Malaysia, including above and below-ground biomass, is estimated to be approximately 181 MgC/ha.
Between 1990 and 2017, Malaysia experienced a 3.3% reduction in mangrove area, which contributed to roughly 14 million Mg of CO2 emissions.
By looking at the Malaysia’s Blue Ecosystems Carbon Sequestration Potential (BECSP), this ecosystem has the ability to be a leading contributor to the carbon business.
Recently, Prime Minister Datuk Anwar Ibrahim invested RM 10 million in the VCM to boost this business, while Bursa Malaysia has published a VCM handbook to guide investors in this carbon business.
Sarawak amended its Forest Ordinance in 2022 and added important sections to support carbon trading, making it one of the leading states in carbon business and activities.
It is now time for Sarawak again to take steps to raise the BCM concept at the federal level, given that it has one of the largest mangrove areas in Malaysia.
As an academician and carbon awareness campaigner, I believe that BCM will be a worthwhile and profitable step for Malaysia to take to reap economic benefits.
The views expressed here are those of the writer and do not necessarily represent the views of the Sarawak Tribune.
