BHP Ramps up Support for Australian Blue Carbon Market

Australian multinational mining company BHP has selected three projects to support through its blue carbon grants programme.

Launched in June 2022, BHP’s grant program aims to provide funding and support to emerging blue carbon projects with the provision of over AUD$5 million over three years.

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 recognised for the important role they play in mitigating climate change.

The grant recipients are:

  • Deakin University Blue Carbon Lab – 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 – One of the world’s largest seagrass restoration projects targeting a portion of the estimated 100,000 hectares of damaged seagrass meadows in Shark Bay, Western Australia.
  • James Cook University – The first meadow scale seagrass restoration project in tropical Australia in the Wet Tropics region of the Great Barrier Reef World Heritage Area.

Learn more about the grant recipients and their projects below.

The 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 FY2024, and the Blue Carbon Enabler Program, which supports earlier-stage projects where the outcomes are expected to be realized over a longer time period.

BHP’s Group Climate and Sustainability Officer Fiona Wild said: “We are excited to support the development of the emerging blue carbon market in a way that delivers climate, nature and community benefits.

“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.”