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

28. Verra Registry. (2021). Mangrove restoration and coastal greenbelt protection in the East coast of Aceh and North Sumatra Province, Indonesia (ID: 1493). https://registry.verra.org/app/projectDetail/VCS/1493. 29. Global Mangrove, Pioneering best in class community based regeneration work in blue carbon forestry. https://globalmangrove.org/. 30. Yayasan Gajah Sumatera. (2001-2025). Yagasu Climate Action: GHG Emission Reductions. https://yagasu.or.id/ghg- emission-reductions-2/. 31. Tol, S. (2022). Building with Nature in Indonesia: Restoring an Eroding Coastline and Inspiring Action at Scale . weADAPT. https://weadapt.org/knowledge-base/nature-based-solutions/building-with-nature-in-indonesia-restoring-an-eroding- coastline-and-inspiring-action-at-scale/. 32. IUCN and Blue Natural Capital Finance Facility. (2020). Towards sustainable blue infrastructure finance: the need, opportunity and means to integrate Nature-based Solutions into coastal resilience planning and investments. https://www.4climate.com/dev/wp-content/uploads/2020/08/BIF-summary-FINAL-WEB-low.pdf. 33. Ibid. 34. Ibid. 35. Kuwae, T. (2021). Linking climate change mitigation and adaptation through coastal green-gray infrastructure: A perspective. Coastal Engineering Journal, 63(3), 188–199. https://www.tandfonline.com/doi/full/10.1080/21664250.2021 .1935581; Engineering With Nature. (2025). Engineering practice guides for natural infrastructure. https://ewn.erdc.dren. mil/engineering-practice-guides-for-natural-infrastructure/. 36. Willis Towers Watson. (2025). Willis and Rare partners to launch innovative insurance solution for fishers in the Philippines [Press release]. https://www.wtwco.com/en-hk/news/2025/11/willis-and-rare-partners-to-launch-innovative-insurance- solution-for-fishers-in-the-philippines. 37. Environmental Defense Fund. (2025). Nature for insurance and insurance for nature (p. 12). https://library.edf.org/ AssetLink/uky3347ks0532vxm44um360jb0x2uwup.pdf. 38. Ibid. 39. Ibid. 40. Environmental Defense Fund. (2025). Nature for insurance and insurance for nature (p. 21). https://library.edf.org/ AssetLink/uky3347ks0532vxm44um360jb0x2uwup.pdf. 41. Ibid; Insurance Council of Australia. (2024). Advancing resilient nature-positive insurance in Australia (p. 22). https://insurancecouncil.com.au/wp-content/uploads/2024/10/ICA_Nature-Insurance-Report.pdf. 42. Insurance Council of Australia. (2024). Advancing resilient nature-positive insurance in Australia (p. 22). https://insurancecouncil.com.au/wp-content/uploads/2024/10/ICA_Nature-Insurance-Report.pdf; Pollination & Howden. (2024). Through the wilderness: The role of insurance in unlocking nature finance (p. 30). https://pollinationgroup.com/ global-perspectives/the-role-of-insurance-in-unlocking-nature-finance/. 43. Ibid. 44. For example, insurance offered by the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) is becoming central to the operation of international carbon market transactions under Article 6, with key carbon credit standards such as Verra and Gold Standard requiring insurance to be secured from MIGA (or another approved insurer) for credits to receive certain Article 6 relevant labels. See: Multilateral Investment Guarantee Agency. (n.d.). Deploying World Bank Group guarantee platform to de-risk carbon markets. https://www.miga.org/press-release/deploying-world-bank-group- guarantee-platform-de-risk-carbon-markets; Verra. (2025). CORSIA label guidance document (January 20, 2025). https://verra.org/wp-content/uploads/2025/01/CORSIA-Label-Guidance-Document-20-Jan-2025.pdf ; Gold Standard. (n.d.). CORSIA criteria for approved insurance policies or related documents. https://globalgoals.goldstandard.org/ standards/116_v.2.0_CORSIA_Criteria-for-Approved-Insurance-Policies-or-Related-Documents.pdf. 45. Pollination & Howden. (2024). Through the wilderness: The role of insurance in unlocking nature finance (p. 25). https://pollinationgroup.com/global-perspectives/the-role-of-insurance-in-unlocking-nature-finance/. See case study regarding the important role insurance played in the Ecuador Galápagos Debt Conversion for Nature. 46. Insurance Council of Australia. (2024). Advancing resilient nature-positive insurance in Australia (p. 26). https://insurancecouncil.com.au/wp-content/uploads/2024/10/ICA_Nature-Insurance-Report.pdf. 47. Pollination & Howden. (2024). Through the wilderness: The role of insurance in unlocking nature finance (p. 30). https://pollinationgroup.com/global-perspectives/the-role-of-insurance-in-unlocking-nature-finance/. 48. Insurance Council of Australia. (2024). Advancing resilient nature-positive insurance in Australia (p. 24). https://insurancecouncil.com.au/wp-content/uploads/2024/10/ICA_Nature-Insurance-Report.pdf. 49. Environmental Defense Fund. (2025). Nature for insurance and insurance for nature (p. 17). https://library.edf.org/ AssetLink/uky3347ks0532vxm44um360jb0x2uwup.pdf. 50. Antara News. (2026, February 20). Indonesia launches national action plan for blue carbon ecosystems. https://en.antaranews.com/news/405234/indonesia-launches-national-action-plan-for-blue-carbon-ecosystems. 51. Mangrove Breakthrough. (n.d.). Partners. https://www.mangrovebreakthrough.com/partners. Turning the Tide: A Financier’s Guide to Investing in Blue Carbon Ecosystems 28