Critical habitat for marine species such as turtles and dugongs will be restored as the Morrison Government leads an international push to show how blue carbon projects can reduce greenhouse gasses and create healthier coastal environments.
Minister for the Environment Sussan Ley said that under the Morrison Government's $30.6 million Blue Carbon grants program $9.5 million is being made available to restore degraded mangrove, tidal marsh and seagrass ecosystems at a minimum of four demonstration sites around the country.
"Understanding the true value of our natural capital - our soils, water, oceans, biodiversity and spectacular landscapes - is critical to protecting our environment and Australia has joined global initiatives to measure that value," Minister Ley said.
"Through the Blue Carbon Ecosystem Restoration grants we will identify projects to help us demonstrate effective ways to measure Blue Carbon benefits. These will be used to attract greater investment in Blue Carbon projects both here and overseas.
"Blue carbon ecosystems provide critical habitat for marine species, they are the nursery ground for commercial fish, they support profitable tourism and fishing industries, they protect shoreline infrastructure from storms, and they improve coastal water quality.
"By storing carbon at a rate 30-50 times faster than forests on land, blue carbon ecosystems also have a critical role to play in contributing to the reduction of global greenhouse gas emissions.
"Environmental Economic Accounting (EEA) will be applied across the grant projects to show the financial value gained from fishing, tourism and coastal protection, as well as biodiversity and carbon benefits."
The grants and environmental-economic accounting activities are part of the $30.6 million blue carbon conservation, restoration and accounting program, which is also funding projects in countries outside of Australia through the Blue Carbon Accelerator Fund.
