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Worth bearing in mind that individual solution to single waste streams may not be that sustainable / worthwhile. I am guessing that you are referring to coconuts that have already been distributed into the consuming community, rather than those arising at a large volume processing plant.

Need to consider how the putrescible (compostable) fraction of the local waste stream is currently being dealt with and try and incorporate the coconut waste into that - maybe via size reduction (shredding etc). Or if diversion of woody / combustible waste is already happening (which ideally it should be), then coconuts could likely be added to that waste stream instead - they are substantial enough to contribute positively as an energy source, rather than passively as part of a compost / mulch waste stream.

I do like the activated carbon / charcoal idea though, the open structure of the green coconut would be ideal for forming nice porous / highly adsorbent (and absorbent) material that potentially could be high value compared to other "disposal" options. Note the high volumes needed / and reference to mature shells in link page in previous answer.