Regulatory Reform and the Potential Use of Floating Artificial Reefs under Blue Carbon and Ocean Carbon Methodologies

Floating artificial reefs serve to enhance commercial fisheries, increase marine biodiversity and support aquacultural production. These structures do not disrupt soft seabed environments and, within certain biological parameters, can be flexibly sited with adjustable buoyancy to minimise damage from cyclones, heat waves and marine traffic. Deployment of such floating artificial reefs in the upper photic zone could support the nascent ocean carbon market in Australia when used with other ocean-based and ocean-derived negative emissions technologies such as deep-water sequestration of biomass. However, this requires regulatory reform to shift the balance of existing carbon markets that are largely focused on terrestrial approaches. This article examines the potential use of floating artificial reefs under blue and ocean carbon methodologies and the Carbon Credits (Carbon Farming Initiative) Act 2011 (Cth) in Australia. It examines the existing abatement model and the complexity of state and other sub-national permitting regimes, and suggests regulatory reform opportunities to streamline processes to allow carbon abatement to be delivered by floating artificial reef projects. It concludes with some general observations for future floating artificial reef projects that will have wider relevance to jurisdictions seeking to restore coastal and marine ecosystems and unlock access to ocean-based carbon markets.