(COMING SOON) As a component of a critical environmental initiative, the Philippines’ Environment and Natural Resources Breakdown announced its participation in the World Economic Forum’s Blue Carbon Action Partnership at COP28. This partnership aims to promote the recovery and conservation of coastal ecosystems. such as mangroves, seagrass beds, and salt marshes, which store up to five times more carbon per acre than tropical forests. Southeast Asia, along with Indonesia, is home to a significant portion of those ecosystems, and their preservation is critical for carbon sequestration. food security, livelihoods and climate resilience. The Philippines’ commitment to this partnership, like Indonesia’s, indicates a joint effort to protect and harness those valuable blue carbon ecosystems for the benefit of the environment and society.
(PRESS RELEASE) GENEVA, December 4, 2023 — /EuropaWire/ — The Department of Environment and Natural Resources of the Government of the Philippines announced at COP28 that it will join the World Economic Forum’s Blue Carbon Action Partnership to boost the recovery and conservation of coastal ecosystems.
South-East Asia is home to almost one-third of mangroves globally, with nearly 20% of the world’s mangroves in Indonesia alone. Blue carbon ecosystems such as mangroves, seagrasses and salt marshes store up to five times more carbon per acre than tropical rainforests and have been receiving greater attention in recent years. Yet, these ecosystems are under threat of destruction. These important carbon sinks also provide support for livelihoods, food security, shoreline protection and habitat for numerous.
“Coastal ecosystems such as mangroves are essential for life in the ocean and for those who live along it. Increasingly, we also recognize their important role in protecting us from the worst effects of the climate crisis,” said Alfredo Girón, Interim. Responsible for the Ocean Action Programme and Friends of Ocean Action at the World Economic Forum. ” When the benefits of blue carbon are identified and valued through governments and companies, they dedicate themselves and invest in the recovery of mangrove, seagrass and marsh ecosystems around the world: people, nature, the climate and ultimately the planet. “
The newly launched National Blue Carbon Action Partnership in the Philippines will convene, coordinate and support implementation to scale high-quality blue carbon action, representing nearly 700 billion metric tons of carbon sequestered in mangroves and seagrasses in the country.
“The Philippines, endowed with rich biodiversity and extensive coastlines, is home to vast blue carbon ecosystems. We look forward to working with the Blue Carbon Action Partnership to facilitate the inclusive, whole-of-society approach to developing a shared ambition for blue carbon, community resilience, inclusive development and unlocking the Philippines’ potential to provide nature-based climate solutions for the rest of the world whilst supporting our programs for protected areas and preparing the country for participating in the new blue economy,” said Antonia Loyzaga, Secretary of the Department of Environment and Natural Resources of the Philippines.
The partnership with the Philippines is time to be introduced following an agreement last year with the Indonesian government, which also strengthened its partnership agreement with the World Economic Forum at COP28 and is preparing to launch its National Blue Carbon Action Partnership Secretariat. Together, the Philippines and Indonesia harbor four trillion tons of carbon in their blue carbon ecosystems, equivalent to the carbon of more than 11 trillion barrels of oil consumed.
There is a growing call for the recovery and conservation of blue carbon ecosystems to achieve the multifaceted benefits those ecosystems provide, adding food security, livelihoods, coastal cover, and carbon storage. Working with its government partners, the Blue Carbon Action Partnership is able to connect finance with countries that have policies in place to secure investments in the blue carbon ecosystem.
“The ocean is our greatest buffer in the fight against the climate crisis and plays a critical role in climate change mitigation, resilience and adaptation, as well as regulating the global climate system. It is encouraging to see the ocean gaining importance as an herbal resource to drive climate action,” said Girón.
World Economic Forum Climate Action Initiatives
SOURCE: World Economic Forum
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