Vivek Kumar, CEO of WWF-Singapore, Lim Wey-Len, Executive Vice President of Singapore Economic Development Board (EDB) and Wayne Murphy, Co-Founder of Hatch Blue, at the official signing in New York during NYC Climate Week.
Photo: Hatch Blue
The World Wide Fund for Nature (WWF) Singapore and ocean innovation venture firm Hatch Blue have joined forces to launch Blue Catalyst, a new open innovation challenge designed to tackle technical and operational barriers to scaling blue carbon projects.
The initiative, which is supported by the Singapore Economic Development Board (EDB), was officially announced this week during NYC Climate Week.
The partners point out that "blue carbon" ecosystems, such as mangroves, seagrasses, and coastal wetlands, are some of the planet’s most effective natural climate solutions, able to store carbon up to four times more efficiently than terrestrial forests.
Such ecosystems also play a vital role in protecting coastal communities and supporting global food security, with their benefits valued at hundreds of billions of dollars each year. However, despite this, they under severe threat, with 40% of mangrove-dependent species already at risk.
A key way of financing the restoration of these ecosystems is through carbon markets, with WWF noting the market value of this sector is expected to grow sharply from USD 1.4 billion in 2024 to USD 35 billion by 2030. However, this increase also means there is a growing need to ensure that blue carbon projects are scientifically robust, transparent, and scalable.
This is where the Blue Catalyst initiative comes in, the partners explain.
“At WWF, we believe that tackling the climate crisis demands bold collaboration and cutting-edge innovation," said Vivek Kumar, CEO of WWF-Singapore, via a press release. "Blue carbon projects hold immense promise but face persistent challenges in implementation and measurement. That is why we co-developed Blue Catalyst with Hatch Blue, under our strategic partnership with EDB, to address these upstream barriers with robust technical solutions.”
He added that the goal is to create a platform where “leading minds can co-innovate, enhance project integrity, and ultimately unlock high-quality carbon credits that deliver scalable impact for climate action and coastal communities across Asia.”
Blue Catalyst will provide a collaborative space for project developers, start-ups, researchers, and investors, where participants will have access to funding, mentorship, and pilot opportunities to help transform early-stage ideas into practical solutions.
The first challenge will focus on technologies to improve measurement, reporting, and verification (MRV) and implementation of blue carbon projects. This includes advanced geospatial mapping to track ecosystem changes, modelling carbon stored below soil and water, biodiversity monitoring, community engagement tools, and innovative restoration methods such as smart nurseries.
“We are thrilled to be partnering with WWF and EDB on this groundbreaking programme. Blue carbon innovators stand to benefit from WWF's scientific and technical expertise, EDB's strategic and industry support, and Hatch Blue’s commercial and start-up know-how," said Wayne Murphy, Co-Founder of Hatch Blue, adding that the partnership would “pave the way for viable solutions being implemented at scale and raise the quantity of high-quality blue carbon credits.”
The Singapore Economic Development Board’s support is part of the country’s broader efforts to become a regional hub for carbon services and trading.
“Southeast Asia is home to some of the world’s richest blue carbon ecosystems. As a hub at the heart of the region, Singapore is committed and well-positioned to support efforts to unlock their full potential," added Lim Wey-Len, Executive Vice President of EDB.
“We welcome project developers, blue carbon asset owners and solution providers to work with us in creating scalable solutions that can help restore and protect these valuable ecosystems," he said.
Applications for Blue Catalyst are now open to innovators across Asia and beyond, with selected participants to be announced later this year.
