Mangrove-based carbon market projects: Current trends and future perspectives

Blue carbon ecosystems are among the largest carbon sinks in the world, with significant potential for carbon sequestration in their biomass, soils and sediments. Blue carbon credits offer companies the opportunity to offset their residual carbon emissions and achieve their carbon neutrality commitments. Mangrove-based carbon market projects (MbCMP) contribute greatly to the global supply of blue carbon credits in the voluntary carbon market (VCM). Thus, the current trends, challenges and opportunities intrinsic to MbCMP development, implementation and management need to be assessed on a global scale. We conducted a comprehensive systematic review and retrieved 260 articles, including 84 peer-reviewed articles and 176 gray literature from Scopus, Web of Science, Google Scholar and Google searches, from January 2010 to December 2024. In addition, we explored the databases of carbon certification standard registries to obtain up-to-date information of MbCMP. We present the results and discuss insights grouped into the following categories: (i) geographic distribution and current status of MbCMP, (ii) trends in development and growth, (iii) challenges faced, and (iv) proposed solutions to improve the quality and integrity of MbCMP. The recommendations include: (a) improving transparency and governance, (b) advancing risk management and adaptation, (c) building scientific and technical skills of stakeholders, (d) enhancing capacity building, community engagement and knowledge sharing, (e) strengthening policy support and institutions, (f) upscaling projects, (g) protecting complex and insecure land tenure systems, (h) safeguarding financial resources and equitable sharing of benefits, and (i) increasing accuracy of monitoring, reporting and verification (MRV) data. Although significant challenges remain, the reduction in global mangrove loss, driven by recent improvements in conservation, protection and restoration initiatives, provides immense optimism for the growth and sustainability of the MbCMP sector with true benefits in terms of climate change mitigation and biodiversity conservation.