Turning the Tide A Financier's Guide to Investing in Blue Carbon Ecosystems 2026

Endnotes 1. Bhavesh, C., Dhar, V., & Pawase, A. S. (2024). Blue carbon and the role of mangroves in carbon sequestration: Its mechanisms, estimation, human impacts and conservation strategies for economic incentives. Journal of Sea Research, 199. https://doi.org/10.1016/j.seares.2024.102504. 2. National Ocean Service – National Oceanic and Atmospheric Administration. (2025). Coastal Blue Carbon. https://oceanservice.noaa.gov/ecosystems/coastal-blue-carbon/. 3. Claes, J. et al. (2022). Blue carbon: The potential of coastal and oceanic climate action. McKinsey & Company. https://www.mckinsey.com/~/media/mckinsey/business%20functions/sustainability/our%20insights/blue%20carbon%20 the%20potential%20of%20coastal%20and%20oceanic%20climate%20action/blue-carbon-the-potential-of-coastal-and- oceanic-climate-action-vf.pdf. 4. Betram, C. et al. (2021). The blue carbon wealth of nations. Nature Climate Change, 11, 886. https://doi.org/10.1038/ s41558-021-01172-w . 5. Brook, T. et al. (2023). Responsible Finance for Blue Carbon Ecosystems. WWF International. https://wwfafrica. awsassets.panda.org/downloads/responsible-finance-for-blue-carbon-ecosystems.pdf?47044%2FResponsible-finance- for-blue-carbon-ecosystems=. 6. Polidoro, B. A., et al. (2010). The Loss of Species: Mangrove Extinction Risk and Geographic Areas of Global Concern. PLOS ONE, 5(4), e10095. https://doi.org/10.1371/journal.pone.0010095. 7. Leal, M. & Spalding, M. D. (2022). The State of the World’s Mangroves. Global Mangrove Alliance. https://tnc.app.box. com/s/3oa059wtbh7no929o9i1531gdn7nk4eb. 8. Carter, J. & Kelly, E. (2025). Investing in Mangroves: The Corporate Playbook. World Economic Forum. https://www.weforum.org/publications/investing-in-mangroves-the-corporate-playbook/. 9. Leal, M. & Spalding, M. D. (2024). The State of the World’s Mangroves. Global Mangrove Alliance. https://www.mangrovealliance.org/_files/ugd/46cc4e_9570347e230a43b7945e73d03e7c3929.pdf. 10. Mangrove Breakthrough. (2025). Rewiring how the world values mangroves. https://www.mangrovebreakthrough.com/. 11. Builders Vision. (2024). Ocean Resilience and Climate Alliance Continues to Gain Momentum as it Reaches $300 Million in Commitments and Announces New Director. https://www.buildersvision.com/news-and-media-coverage/ocean- resilience-and-climate-alliance-continues-to-gain-momentum-as-it-reaches-300-million-in-commitments-and-announces- new-director . 12. Rare. (n.d.). Community-led Solution for People and Nature. https://rare.org/. 13. The Nature Conservancy. (n.d.). Five Ways Conservation Keeps Wildlife Moving. https://www.nature.org/en-us/. 14. Wetlands International. (n.d.). Wetlands International recognised as top nature non-profit. https://www.wetlands.org/. 15. World Wildlife Fund. (n.d.). Our mission is to build a future in which people live in harmony with nature. https://www.worldwildlife.org/. 16. Conservation International. (n.d.). The Earth Will Know Your Name. https://www.conservation.org/. 17. UBS. (n.d.). UBS Climate Collective. https://www.ubs.com/global/en/sustainability-impact/social-impact-and- philanthropy/product-and-services/collective-philanthropy.html. 18. Gordon and Betty Moore Foundation. (n.d.). Home. https://www.moore.org/. 19. Salesforce. (2022). Salesforce Launches New Initiatives to Grow Sustainable Ocean-Based Carbon Markets. https://www. salesforce.com/news/stories/salesforce-launches-new-initiatives-to-grow-sustainable-ocean-based-carbon-markets/. 20. Symbiosis Coalition. (n.d.). Symbiosis Coalition. https://www.symbiosiscoalition.org/. 21. COAST Facility. (n.d.). About COAST. https://coastfacility.my.canva.site/about-coast. 22. Blue Action Fund. (n.d.). Blue Action Fund. https://www.blueactionfund.org/. 23. Global Fund for Coral Reefs. (n.d.). About. https://globalfundcoralreefs.org/about/. 24. Oceans Finance Company. (2024). Oceans Finance Company Wins IJ Global ESG Award for Galapagos Marine Bond in Ecuador Debt-for-Nature Swap. https://www.oceansfc.com/press-release/oceans-finance-company-wins-ij-global-esg- award-for-galapagos-marine-bond-in-ecuador-debt-for-nature-swap. 25. Outrigger Impact. (n.d.). Outrigger Impact. https://www.outriggerimpact.com/. 26. Biodiversity Credit Alliance; International Advisory Panel on Biodiversity Credits; Bloom Labs; & International Emissions Trading Association. (2024). COP16 summary: Biodiversity credits market analysis. https://www.ieta.org/cop16- summary-report-biodiversity-credits-market-analysis; Pollination Group. (2024). https://pollinationgroup.com/wp-content/ uploads/2024/09/BiodiversityCreditMarkets_2024-FINAL.pdf. 27. It is important to note that many biodiversity credit schemes have initially focused on terrestrial ecosystems and market development for marine biodiversity credits remains slower and less well advanced. Nevertheless, some market players are exploring marine biodiversity credit options in the hope that they may provide avenues for layered revenue streams (alongside carbon), or opportunities for financing project types ineligible or uneconomically viable through carbon markets. Turning the Tide: A Financier’s Guide to Investing in Blue Carbon Ecosystems 27