Australian Government Sanctions $1 Billion to Preserve The Great Barrier Reef

The Great Barrier Reef is in danger! "As fears mount over the Great Barrier Reef's worst coral bleaching event in recorded history, biotechnologists in Australia are looking at ways to grow "super coral" that is more tolerant of global warming," writes Ian Lloyd Neubauer.

The Great Barrier Reef has lost much of its corals. Mass coral bleaching due to climate change damaged around 93 percent of the pristine coral reefs that pushed the Australian government to sanction $1 billion to protect the world heritage site.

Australian Prime Minister Malcolm Turnbull announced the sanction of a special $1 billion fund, The Reef Fund that will focus on clean energy projects for the Great Barrier Reef's catchment areas. Turnbull said the budget is part of the $10 billion special account of the Clean Energy Finance Corporation, which will also serve as the fund manager via debt and equity in a period of 10 years.

"Climate change is the greatest long-term threat to the Great Barrier Reef and to all coral reefs around the world," said Turnbull. "Australians are passionate about the Great Barrier Reef and the Turnbull government is committed to protecting it for future generations."

Along with preserving the Great Barrier Reef, the government also believes that the special fund will help to boost Queensland's economy. It targets on creating job opportunities by improved farm profitability and mobilization of public and private investments.

Turnbull also said that the reef can preserved by improving the quality of water.

The President also stated that the fund will add to the existing $461 million fund previously dedicated to the reef preservation.

Greg Hunt, the government's environmental minister has acknowledged that the commitment is the largest of its kind that the Great Barrier Reef has received so far.

"It's an investment in the legacy for our children, their children and our descendants," said Hunt.