The Blue Carbon Protection Act establishes a comprehensive program at the National Oceanic and Atmospheric Administration to protect and restore coastal and marine ecosystems that capture and store carbon dioxide, such as mangroves, salt marshes, and seagrass beds. The legislation creates a grant program providing up to $300 million annually through 2029 to eligible entities including private landowners, nonprofits, tribes, and state agencies to protect and restore at least 1.5 million acres of blue carbon ecosystems over ten years, with priority given to projects benefiting communities of color, low-income communities, and tribal communities. The bill requires the NOAA Administrator to establish guidelines for identifying "blue carbon areas of significance" and mandates that federal agencies proposing actions that could harm these designated areas must notify NOAA and either find alternative approaches or create carbon offsets that restore carbon storage for at least 100 years. Additionally, the legislation authorizes $200 million annually for the Fish and Wildlife Service, National Park Service, and NOAA to conduct their own coastal restoration and protection activities, with separate funding of $16 million annually for program administration.