At the Annual Meeting 2023, the World Economic Forum signed a new partnership with the Indonesian government to support its ambitions to scale blue carbon restoration and ocean conservation efforts.
The partnership is the first in a series initiated by the Forum’s Ocean Action Agenda to help meet the rapidly increasing demand for high-quality blue carbon credits and projects worldwide and connect global blue carbon actors across sectors.
Blue carbon, captured and stored by ocean ecosystems, stores up to five times as much carbon per acre as tropical rainforests. Ecosystems such as mangrove forests, seagrasses, and salt marshes are also essential for protecting coastlines from storms and other natural disasters, serving as nurseries for fish stocks and supplying coastal communities with food and employment.
“Blue carbon holds immense potential for marine ecosystem restoration and coastal community resilience, while contributing to climate mitigation and helping raise critical funds to advance the urgent needs for ocean protection and conservation,” said Kristian Teleki, Director, Ocean Action Agenda, World Economic Forum. “We are excited to partner with Indonesia to start bringing to fruition this win-win-win potential.”
Indonesia, the world’s largest archipelago nation, is a leader in blue carbon and the sustainable ocean economy and has the world’s largest blue carbon resources. Therefore, the Forum announced in November 2022 the formation of Ocean 20 (O20) in collaboration with the Indonesian government, which held the G20 presidency at the time, to accelerate the development of sustainable blue economies in the region.
“Indonesia is happy to partner with the World Economic Forum,” said Luhut B. Pandjaitan, Coordinating Minister for Maritime Affairs and Investment of Indonesia. “We have the largest and most diverse mangrove forests in the world, and we are committed to rehabilitating 600,000 hectares of mangroves by 2024. Creating this partnership between Indonesia and the Forum to work on blue carbon will really help accelerate our efforts for climate action.”
The partnership between the Forum and Indonesia will bring together blue carbon-interested stakeholders across sectors and initiatives. This will enhance the development and coordination of Indonesia’s national road map outlining national priorities, thereby stimulating strategic financing.
“As a global leader in blue carbon, having Indonesia as the first national partner with the Forum will set the example of how coordinated action can enhance the contributions of blue carbon for climate, biodiversity and societal benefits,” said Teleki.
The World Economic Forum will continue to amplify blue carbon initiatives, assist nations in achieving their climate goals, and coordinate existing initiatives. It will also support implementing the High-Quality Blue Carbon Principles and Guidance, recently published through a collaboration between the Forum and several of the world’s foremost blue carbon organisations.