BHP has launched a new $3 million (AUD) grants program to help drive the development of the Australian blue carbon market by providing funding and support to emerging blue carbon projects.

BHP’s Blue Carbon Breakthrough Grant Program will support shovel-ready projects and is now open for applications while BHP’s Blue Carbon Enabler Program will support earlier stage projects and is open for Expressions of Interest.

The grant program, worth up to $3 million (AUD) in total over three years, has been developed with the support of Pollination, a leading climate change investment and advisory firm.

BHP’s Head of Climate Resilience Ashley Preston said: “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. 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.”

BHP is also currently co-investing with CSIRO in a blue carbon research program, which aims to map and estimate the climate change mitigation potential (measured as CO2-e) of blue carbon ecosystems in Australia, and further develop the science required for estimating other benefits

Blue carbon is carbon that is contained in near-coastal ecosystems such as mangroves, seagrasses, tidal marshes and seaweed. The protection, restoration or improved management of blue carbon is a very effective natural climate solution that can significantly contribute to mitigation of CO2.

For information or to apply for the grants, please email bluecarbon@bhp.com