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(By comparison, woodlands in Britain capture carbon worth about £55 billion.) But some argue the real value could be six times higher, with the seabed storing the equivalent of more than 60 million tonnes a year. That value is also expected to grow in coming years, since the British government has set out plans to artificially remove pollution from industry and pump it under the seabed to help reach a goal of generating net-zero emissions by 2050.


O


ne challenge for exponents of blue carbon is that, as far as investment is concerned, it is riskier than some alternatives. Blue carbon initiatives tend to be costlier than traditional


carbon offsets such as tree planting. Recent studies have also noted that carbon offset projects can differ wildly in costs based on the par- ticulars of the ecosystem, making it harder to estimate payoffs. ‘The challenge we have with blue carbon projects, purely in a standalone way, is that if we take it and compare it with a carbon offset price alone, we have to take into account this project will have inherent risks,’ explains Torsten Thiele of the Global Ocean Trust. ‘The country or the ownership of the site will create potential risks, that the nature of the developer – their experience, their scale – cre- ates risks. And then there are risks of the process assessment etc.’ But Thiele is hopeful that is beginning to change. ‘We need to think of blue-carbon economics in a broader sense. We need to think about how we can scale sustainable blue-carbon finance in an inte- grated way that takes on board innovative pathways for investment. We’re moving from standalone to integration – to using nature-based solutions as part of the sustainable strategy for coasts, where we talk about a blue economy and blue-infrastructure finance as ways to de- scribe a new normal in which the economics of the blue-carbon eco- system are entirely tied to the broader outcome that we’re aiming for.’ There are opportunities on the horizon. Not least in the shape of the 26th UN Climate Change Conference of the Parties (COP26), which will take place in Glasgow in November. Arlo Brady hopes the UK delegation at COP26 will give oceans, marine habitats and blue carbon the prominence they deserve. ‘Oceans have not received any- where near adequate focus at previous COPs,’ he says. ‘Given the UK track record on ocean protection, which is quite good and getting better, I hope that Boris Johnson will be able to really up the ante here with other nations and get some impactful commitments.’ S


John Arlidge is Spear’s luxury editor. He also writes for the Sunday Times in London and for Condé Nast titles in New York


In the 21st century


the mantra to conserve and sustain the little that is leſt is no longer acceptable


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