Climate Impact Partners and Deloitte Join Forces to Unlock Large-Scale Seagrass Recovery Financing
Climate Impact Partners and Deloitte, in collaboration with Project Seagrass and the UK’s National Oceanography Centre, announce a groundbreaking program to fund UK seagrass recovery and unlock long-term finance to save and reinstate vital seagrass meadows.
The program will fund critical research across UK seagrass meadows, mapping the ecosystems and developing methods to restore them at scale. Crucially, this work will support the development of a new seagrass carbon code in the UK and beyond – enabling companies to finance seagrass recovery at greater speed and scale.
Despite seagrass’ crucial role in sequestering carbon, protecting coastlines, and supporting marine biodiversity; seagrass restoration has been underfunded, with nearly a third of seagrass lost globally in the last century. This program will look to address the barriers that prevent finance flowing to seagrass restoration, including improving the scientific knowledge of carbon sequestration, piloting new techniques for seagrass propagation and engaging communities in meadow restoration.
This program forms a key part of Deloitte’s Beyond Value Chain Mitigation (BVCM) activities, supporting innovative solutions outside their value chain. Deloitte is using skills, influence and targeted investment to catalyze environmental and social impact across the energy transition, circularity, sustainable food systems and nature restoration.
“Reaching net-zero will require the global economy to decarbonize as part of a connected system,” said Smruti Naik-Jones, Chief Sustainability Officer of Deloitte UK and North & South Europe. “This incredible seagrass program, developed by Climate Impact Partners, enables us to learn more about these marine ecosystems, fund critical research and help unlock a powerful tool in the fight against the climate crisis.”
“Deloitte is demonstrating true climate leadership through this program. Seagrass offers a unique opportunity to mitigate climate change while delivering significant co-benefits for biodiversity and coastal communities,” said Kirsty Schneeberger, Head of Product Innovation at Climate Impact Partners. “Imagine seagrass meadows as underwater vaults – they lock away enormous amounts of carbon for long periods, potentially millennia, as long as they remain healthy and undisturbed. We need to ensure they receive long-term and large-scale financing to accelerate the restoration and protection of these underwater wonders.”
“We need to protect and restore seagrass whilst supporting the continuation of sustainable human activities that occur amongst or depend directly upon seagrass ecosystems, said Dr Leanne Cullen-Unsworth, Chief Executive Officer and Charity Co-Founder, Project Seagrass. “We need to do this now, as a connected global community. This program helps to deliver this.”
“Seagrass meadows are the powerhouses of coastal seas providing a nature-based solution to climate change, said Dr Claire Evans, Biogeochemist, the UK’s National Oceanography Centre. “They have been neglected for decades, which has led to their large-scale degradation and loss. This program exemplifies how we can turn that loss into an opportunity for environmental renewal through large-scale restoration.”
In coordination with Project Seagrass, a team of volunteers from Deloitte and Climate Impact Partners helped harvest seedlings from a healthy seagrass meadow for the recovery program.
