Caribbean, Latin America build blueprint for blue carbon markets

Caribbean leaders converged earlier this month on Colombia’s Santa Marta coast to explore ways to turn mangroves and wetlands into market-ready blue carbon assets that can attract investment and generate verified carbon credits.

The International Blue Carbon and Wetlands Conference drew more than 500 participants from 50 countries, a media release said.

Hosted by Colombia’s leading institute of marine sciences, the three-day event from August 12-14, focused on region-specific strategies for moving these ecosystems into blue carbon markets.

Opening the conference, Dr Stephen Crooks, co-chair of the International Blue Carbon Scientific Working Group, urged the region to accelerate development of market-ready blue carbon assets.

For Caribbean nations, his message was clear – the financial potential of blue carbon is vast, but there is much work to do.

He singled out monitoring, reporting and verification – commonly called MRV – as a unifying thread that links science and management in ways that catalyse investment.

"Where are we on carbon markets? How do we start recognising more credits for the projects we’re already working on? How do we get more value out of the credits we’re generating? And what are some of the new tools and sciences that are emerging, as we start to think about linking science and management together to catalyse investment? MRV feeds through all of this," Dr Crooks said.

Participating countries said that no single model holds all the answers, but each contributes a vital piece of the puzzle to move the region’s blue carbon from concept to credible, market-ready reality.

"In a region with vast untapped carbon finance potential, every stage of progress offers lessons – from first steps in data collection to navigating the complexities of international certification," Dr Cooks said.

The MRV initiative is led by the St Augustine Centre for Innovation and Entrepreneurship of the University of the West Indies (UWI STACIE), funded by the UK Department for Environment, Food and Rural Affairs (DEFRA) and supported by the Inter-American Development Bank (IDB).

"This conference is a vital milestone in our regional efforts to protect, restore and sustainably manage coastal blue carbon ecosystems," said Cheryle Tewarie-Dubay, acting director of UWI STACIE. She underscored robust, standardised MRV as essential for credible market participation.

IDB senior climate change specialist Gerard Alleng linked the science directly to investment readiness.

"To be in the conversation about new financial instruments requires solid science and strong institutional capacity," Alleng said. "I’m glad to see so many young scientists from INVEMAR here today."