Aninver plays leading role in designing Trinidad & Tobago’s blue carbon credit scheme
Trinidad and Tobago has tapped international firm Aninver to help design a high-quality blue carbon credit scheme and develop local capacity to support positive climate action in the country.
The initiative will work closely with the Government of Trinidad and Tobago to support, design, and pilot a high-quality blue carbon credit scheme. The aim is to help unlock the potential of the country’s rich coastal ecosystems while generating verified carbon credits and advancing national climate goals and sustainable development.
Heading the initiative is Aninver Development Partners, a consulting firm headquartered in Spain that helps clients with development and sustainability projects worldwide, including in Latin America.
Blue carbon credit scheme
So, what is a blue carbon credit scheme? These schemes monetize the carbon dioxide captured and stored by coastal and marine ecosystems, such as mangroves, seagrasses, and salt marshes. These credits are sold on voluntary carbon markets to finance the conservation, restoration, and sustainable management of these vital blue carbon habitats.
This initiative, commissioned by the Institute of Marine Affairs (IMA) and financed by the Inter-American Development Bank (IDB), is part of a wider program that has been working to strengthen the country’s capacity to measure, report, and verify carbon sequestration from coastal ecosystems. Now, the aim is to establish the regulatory and governance foundations for a credible blue carbon credit market.
The blue carbon credit program will center on the Buccoo Bay and Kilgwyn Swamp area in the southwestern part of Tobago. It will also focus on the Caroni Swamp in Trinidad. These are all natural areas with a very rich biodiversity and conservation efforts can lead to significant carbon sequestration.
Carbon markets and the natural environment
“Coastal ecosystems such as mangroves, seagrass meadows, and salt marshes are increasingly recognized as powerful carbon sinks,” said Alvaro de la Maza, founding partner of Aninver. “Globally, these ‘blue carbon’ ecosystems sequester carbon up to ten times faster than terrestrial forests, storing three to five times more carbon per hectare.”
Carbon credit schemes can offer countries like Trinidad and Tobago a great opportunity to leverage their natural capacity for both building climate resilience and sustainable economic opportunities.
The project with run until 2027 and will see Aninver working with Trinidad and Tobago on the regulatory, legislative, and governance that will allow the establishment of the blue carbon credit program. The initiative will include designing a digital National Carbon Registry and developing benefit-sharing mechanisms.
Ultimately, the initiative will develop a blue carbon credit scheme and toolkit tailored to the Trinidad and Tobago context, which will include guidance for the private sector and communities to implement high-quality projects.
“Trinidad and Tobago is already recognized for its leadership in the energy sector. By advancing into blue carbon, the country is taking a strategic step toward diversifying its climate mitigation portfolio and tapping into emerging carbon finance mechanisms,” said de la Maza.
“The project will help close existing gaps in scientific data on the carbon sequestration potential of mangroves and seagrasses in the country, while creating the enabling conditions for a high-integrity carbon credit market. This is especially critical given the global challenges around greenwashing and double counting in carbon markets: High-quality, verifiable credits backed by strong governance will give Trinidad and Tobago a competitive edge in attracting responsible investors.”
Issues like greenwashing and double counting are major risks to credibility in the carbon markets. Greenwashing occurs when entities exaggerate or falsely claim climate action credit, while double counting involves two separate parties claiming ownership of the same emissions reduction or removal, undermining the environmental integrity of the carbon credit.
