02 Jun 2022

TEM expands into Pacific blue carbon

TEM, the largest provider of voluntary Australian carbon credits, has announced plans to develop a blue carbon offset project in Manus Province, Papua New Guinea (PNG) as it expands its project development portfolio to meet rapidly rising demand from business. Blue carbon refers to the carbon stored in coastal and marine ecosystems.

PNG has the fourth largest area of mangrove ecosystems in the world, which on average store at least four times more carbon per hectare than mature tropical forests. Manus Province has over 7000 ha of mangroves, 125,000 ha of reefs and 260,000 ha of seagrasses. The project has the potential to secure more than 9.8 million tonnes of carbon from being released into the atmosphere by protecting and restoring degraded mangrove ecosystems.

David Tow, TEM’s International Director sees an important role for carbon projects to play in their protection and restoration.

“TEM has been delivering high integrity terrestrial carbon opportunities for years, and this move into blue carbon is an extension of our desire to tap into the enormous carbon, community and ecological benefits blue carbon projects offer”.

“By working with local stakeholders and the Manus and Papua New Guinea Governments, our blue carbon project provides enormous opportunity to address climate change while creating employment, supporting gender equality and nurturing biodiversity.” As the new Australian government continues to review its integration with international carbon markets, regional projects are an important means by which Australian companies can offset their emissions.

“TEM’s Manus Blue Carbon Project is also a powerful illustration of how the Indo-Pacific Carbon Offsets Scheme can work by delivering climate finance into the Pacific from neighbouring countries like Australia. TEM has an established presence in PNG and has been working with local stakeholders for over six months on this project, including PNG’s leading climate scientists and the Governor of Manus Province. We now have a good understanding of the project potential, while also having secured project support locally.” Tow said climate change is exacerbating sea level rise, king tides and weather patterns across the Pacific, destroying villages and displacing communities. 

“The people of Manus and surrounding nations have contributed the least to the climate crisis yet are experiencing the worst of its effects. Delivering the Manus Blue Carbon Project is a steppingstone showing the Australian commitment to support and protect our important South Pacific neighbours in their drive to mitigate the potentially devastating impacts of climate change.” 

Adrian Enright, CEO TEM Corporate says TEM is seeing a major push for blue carbon projects by organisations offsetting their carbon emissions. 

“The additional community and biodiversity benefits delivered through carbon projects are becoming a much bigger focus for offset buyers. This is starting to be reflected in the price organisations pay and the long-term investments they are making in single projects. 

“Blue carbon projects have captured the attention of Australian corporates because of the massive carbon sequestration these projects can deliver compared to terrestrial projects. 

“But they also give organisations a chance to align their carbon strategies with broader conservation goals and the protection of iconic mangrove and reef ecosystems.” 

TEM’s Manus Blue Carbon Project will directly support the UN Sustainable Development Goals and become a leading global example of responsible climate action through the conservation and restoration of mangroves, seagrass, swamp forests and reef communities in Manus coastal areas. 

About TEM 

Tasman Environmental Markets (TEM) is the region’s trusted carbon offset partner connecting global brands with high quality carbon offsets to deliver extraordinary, life-changing benefits to people and the planet. Our people, systems and process deliver rigorous due diligence that ensures the integrity of every single offset we transact. Creator of BlueHalo climate action technology, TEM is a Certified B Corporation and meets all international standards including member of Carbon Market Institute, signatory to the Australian Carbon Industry Code of Conduct and certified carbon neutral by Climate Active. 

Important information

This information has been prepared by Tasman Environmental Markets Australia Pty Ltd (TEM), a corporate authorised representative (ABN 97 659 245 011, CAR 001297708) of TEM Financial Services Pty Limited (ABN 58 142 268 479, AFSL 430036). This material is for general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation, or needs. While we believe that the material is correct, no warranty of accuracy, reliability, or completeness is given, except for liability under statute which can’t be excluded. Before making an investment decision, you should first consider if the information is appropriate for your circumstances and seek professional financial advice. Please note past performance is not a guarantee of future performance.