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.
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