Australia Prime Minister Malcolm Turnbull promised a funding of $1 billion for the protection of The Great Barrier Reef after reports of its deteriorating condition raised an alarm. Climate change and water quality are pinned down as reasons for the degrading coral reefs, which can only be restored under a re-elected Turnbull’s Coalition government.

Also known as the Reef Fund, which will be launched today, it aims at investing in clean energy projects in a bid to secure its name on the World Heritage list. The Australian government will ensure the delivery of $1 billion over 10 years, which will be invested in projects targeted towards minimizing emissions, apart from keeping the water clean.

Drastic climate change is held responsible for the gradual erosion of coral reefs across the world. Turnbull said, “Climate change is the greatest long-term threat to the Great Barrier Reef and to all corals reefs around the world.” Read this news on why Australia denies catastrophy caused by deteriorating coral reefs.

Amidst a flurry of reports about the waning condition of the reef, Turnbull decided to implement this new policy of ‘The Reef Fund’ to protect the environment with a robust investment, states The Guardian. The money to be invested is taken from the Clean Energy Finance Corporation’s $10 billion special account, which clearly suggests that the investment will not affect the country’s budget.

SMH notes that the new policy will not just help restore the conditions of coral reefs, but will also ensure economic benefits to Queensland. It will enhance both public and private investments, create more jobs for people and boost farm profitability. As of now, the reefs support almost 70,000 jobs.

The new fund is also meant to help coastal treatment plants reduce ocean discharge with more efficient biogas electricity generation and next-generation wastewater treatment. New initiatives will be taken to reduce the use of diesel. Instead, more investments will be given for solar panels in regional Queensland.

Extensive surveys conducted over a long span of time reveal shocking details about the conditions of coral reefs. Almost 93% of 3,000 individual reefs have been affected by bleaching while 22% of corals have been killed by the bleaching event, says a survey. According to a recent survey, corals are increasing despite bleaching.