At the SAIMI International Workshop on Marine Resource Sustainability in the Western Indian Ocean at the Ocean Sciences Campus of the Nelson Mandela University a speaker from Japan – Dr Atushi Wattanabe (Ocean Policy Research Institute of the Sasakawa Peace Foundation) – presented his paper on Japan’s Blue Carbon – J-Blue Credit Scheme.
Similar to South Africa’s Spekboom the the Japanese “J Blue Credit” targets blue carbon, which is carbon dioxide (CO2) absorbed by marine and coastal ecosystems such as seagrass meadow, and is attracting attention as a new credit aimed at accelerating steps to mitigate climate change.
We are all aware of our indigenous Spekboom being planted as a Carbon Credit product, the plant is really good at sucking carbon dioxide out of the air, something the world needs.
The J-Blue credit scheme makes one wonder if this is something that could be established in our Marine Protected Areas (MPA) in Algoa Bay – it would encourage fish stocks, lead to more fish available for marine animals and birds (think Penguins) AND also bring in some much needed capital to finance our MPA’s.
Just down the road from Gqeberha, the Baviaanskloof area has vast spekboom ‘forests’ planted to take advantage of the carbon credit scheme.
Carbon credits are created by a governing organization and allocated to individual companies within that jurisdiction. A single credit represents one tonne of CO2e (or carbon dioxide equivalent) that the company is allowed to emit.
Simply put – government sets out allowed carbon emissions for industry. Industry may buy carbon credits from government who use the money to subsidise faremrs to plant carbon absorbing plants. This allows industry to produce more carbon than the legislated norm and/or the country in question to meet it’s carbon containment goals. In essence carbon credits are a tax that is used to reduce carbon emissions and enable farmers to use land to do so.
How Much Does a Carbon Credit Cost?
This price is determined by the carbon credit market, which comprises companies and investors who buy and sell carbon credits. The price fluctuates depending on demand and supply but generally ranges from $40 to $80 per metric ton.
How many trees offset 1 tonne of CO2?
The annual CO2 offsetting rate varies from 21.77 kg CO2/tree to 31.5 kg CO2/tree. To compensate 1 tonne of CO2, 31 to 46 trees are needed.
According to the Spekboom Foundation one hectare of Spekboom is ten times more effective at processing carbon dioxide than one hectare of the Amazon forest.
The planting of carbon absorbing plants also has a multiple benefit for many game farmers whose stock will eat the provided food, the spekboom will slow erosion and provide a habitat for many other life forms whilst ‘cleaning’ the air. Spekboom’s umbrella shape creates shade, which keeps the soil beneath it moist. This soil can be used to grow other plants, thus making it a nurse plant. Spekboom can grow up to 5m high.
In the mid-2000s, cultivation and planting of spekboom looked to be extremely profitable. Research by the Rhodes University-based Subtropical Thicket Restoration Programme found that a farmer could earn R440?000 a hectare each year by planting spekboom.
Then the 2008 financial crash saw the bottom fell out of the carbon market. Carbon credits dropped from between €10 to €20 per tonne to around €5 a tonne. That has all but destroyed the dream of spekboom. Without lucrative profits, farmers cannot afford the tens of thousands needed to convert their land.
If you have a solar system installed many of the Mobile and Online Apps provided will also indicate to the owner how much carbon their solar installation has offset.
Blue carbon ecosystems such as seagrass meadow not only fix and absorb carbon, but also provide diverse benefits including food supply, water purification, and species conservation, supporting people’s lives.
The J-Blue Credit project began on a trial basis in fiscal year 2020, and in its second year, FY2021, credits were issued through restoration activities of seagrass meadow and tidal flats in Yokohama City, at the Port of Tokuyama Kudamatsu in Shunan City, and Hyogo Canal, Japan.
Under the J-Credit Scheme, the Japanese government certifies the amount of greenhouse gas emissions (such as CO2) reduced or removed by sinks through efforts to introduce energy-saving devices and manage forests, as “credit.“
Credits created under the scheme can be used for various purposes, such as achieving the targets of the Nippon Keidanren’s Commitment to a Low Carbon Society, and carbon offset.
Alan Straton
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