The initiative is philanthropy-led and will extend beyond traditional Marine Protected Areas (MPAs) to cover conservation of more existing ocean ecosystems. Less than 3 per cent of the region's national waters are under formal protection but a deadline to meet a global conservation target looms.
Regulation is a crucial factor that investors consider before funding carbon projects, experts said at a recent event in Malaysia. Developers argue that the system does not need to be perfect to kickstart projects.