Turnbull Government promises $1 billion to protect Great Barrier Reef

The Turnbull Government says it will establish a
$1 billion fund to protect the Great Barrier Reef.

The Turnbull government will establish a special $1 billion fund to protect the Great Barrier Reef from the ravages of climate change and declining water quality.

The Reef Fund – to be announced by Prime Minister Malcolm Turnbull in Queensland on Monday – will invest in clean energy projects across the reef's catchment area in a bid to keep the World Heritage-listed icon healthy.

Under the first major environmental policy announced by Mr Turnbull during the campaign, the money will be come from the Clean Energy Finance Corporation's $10 billion special account – meaning it will not affect the budget bottom line.

The corporation will manage the fund, which will finance – through debt and equity – a raft of projects over 10 years.

The government believes the fund will also deliver economic benefits to Queensland by mobilising public and private finance that will increase investment, create jobs and boost farm profitability. The reef supports an estimated 70,000 jobs.

Read Adam Gartrell’s story in today’s Melbourne Age - “Election 2016: Coalition's $1billion funding promise for Great Barrier Reef.”