HSBC, Queensland to invest for Great Barrier Reef protection

Thursday 22 October 2020 14:34 CET | News

Australia's Queensland state and HSBC have announced plans of investment to protect the world-heritage listed Great Barrier Reef which is suffering from extensive coral bleaching events.

Rising sea temperatures and poor water quality are the two biggest threats to the Great Barrier Reef, which has lost more than half its coral in the past three decades. In an attempt to safeguard the reef, HSBC and the Queensland government said they would buy ‘Reef Credits, a tradable unit that quantifies and values the work undertaken to improve water quality flowing onto the reef, according to Reuters.

Similar to the carbon offset market which incentivises the reduction of carbon dioxide from the atmosphere, the scheme pays landholders for improved water quality. The investment required to meet water quality targets for the Great Barrier Reef is estimated at USD 2.8 billion, according to GreenCollar, which developed the Reef Credit Scheme in partnership with landholders, the Queensland government, and natural resource management organisations.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: HSBC, Australia, Queensland, investment, Great Barrier Reef, Reef Credits
Categories: Banking & Fintech | Payments General
Countries: Australia
This article is part of category

Banking & Fintech