Abstract:To facilitate the transition towards a sustainable, net-zero emission, and resilient society, it is imperative to explore innovative blue carbon financing pathways, build a more comprehensive blue carbon financing model, and attract more potential investors. Based on the financing practices of blue carbon sink enhancement domestically and internationally, this paper identifies critical limitations within existing frameworks, such as high reliance on carbon trading for income, single financing path, and long-term neglect of the co-benefits financing potential of blue carbon projects, which seriously hinders the development of blue carbon sink enhance projects. Starting from the co-benefits of the blue carbon ecosystem, the paper analyzes the co-benefits of blue carbon projects in coastal protection, biodiversity, fishery habitats, recreation, and the frontier exploration of blue carbon co-benefits financing globally, and proposes new ideas for incorporating blue carbon co-benefits into the financing framework. It is recommended to develop a mixed financing model with “carbon+ co-benefits” credits and an eco-environment oriented development (EOD) mode to support blue carbon projects, further establish a blue carbon financing mechanism network based on co-benefits to promote the marketization of environmental resources, thus contributing to the goal of carbon peaking and carbon neutrality.