A billion dollars pledged by the Coalition to help save Australia’s Great Barrier Reef will reportedly come from the Clean Energy Finance Corporation’s kitty.
Australian Prime Minister Malcolm Turnbull will today unveil the Coalition’s $1 billion Great Barrier Reef Fund plan, designed to assist Queensland’s farming sector in reducing greenhouse gas emissions and toxic chemical run-off, reports the Courier Mail.
Apparently the plan has been in the works since December last year.
Under the fund, projects such as fertiliser application systems powered by solar panels, substituting diesel with solar power on farms and large-scale regional solar farms in Queensland could be eligible.
It’s not new money that will be funding the program. The Clean Energy Finance Corporation (CEFC) will be directed to provide $1 billion over 10 years in the form of low interest loans.
“It will support clean energy projects that reduce runoff of pollutants, fertiliser and sediment and it will support the installation of more energy and water efficient irrigation systems, pesticide sprayers and fertiliser application systems,” states part of the policy document as reported by the Australian Financial Review.
“The Fund will also help coastal sewage treatment plants to reduce ocean outfalls with efficient pumps, biogas electricity generation and next generation waste water treatment.”
The Great Barrier Reef faces a multitude of threats, with a major issue being warming waters due to climate change. When water is too warm, corals can expel the beneficial algae living in their tissues, causing the coral to turn completely white; a phenomenon called coral bleaching.
While corals can pull through after a bleaching event, they are under increased stress and more prone to various issues that can result in death – including problems relating to water quality.
A recent coral bleaching event saw 93% of the Great Barrier Reef affected.
Projects under the $1 billion Great Barrier Reef Fund will not prevent waters off the Queensland coast from warming to any real degree; but by improving water quality, the reef’s resilience to such events could be improved. Poor water quality on its own can also lead to coral bleaching events.
