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The Great Barrier Reef Foundation has announced to raise $ 400m on top of its controversial $ 433m federal government grant, including from fossil fuel companies and other corporate donors who give money for "reputation scoring".
The foundation has always made it clear that it will be effective in the future.
Four days after the Intergovernmental Panel on Climate Change Against the Challenge of Coral Reefs posed by global warming, the foundation has released its collaborative investment strategy.
The foundation, which has the fossil-fuel industry and donations from mining companies, wants to raise $ 50m over five years of "corporate giving" and said companies that took part in sought after benefits for their philanthropy.
"Corporate partners seek partnering benefits that: deliver project impact, recognize the value of their investment, drive employee engagement, position them as an employer of choice, and contribute positively to reputation scoring or social license to operate," the strategy says.
The foundation is promoting its new strategy as Australia's largest ever international fundraising campaign, with an additional $ 433m federal grant and raise an additional $ 300m to $ 400m. Of that amount, an estimated $ 7m will come from a drive for individual donors.
The money would include $ 100m allotted to a reef, and for other not-specified projects and research.
After a Senate inquiry into the granting of federal money to the foundation, which was done without a competitive tender process, it would have been successful to recover the funds if elected next year.
The foundation's chair, Anna Marsden, said the grant was crucial in the foundation's ability to "boost additional $ 300m to $ 400m through our unique capacity to leverage private funds".
Marsden acknowledged the impact of climate change in a statement on the fundraising strategy and said it was "a closing window of opportunity for the world to act on climate change and the sharp threat facing coral reefs".
"This underscores the urgency of the climate change issue," she said.
The fundraising policy says the foundation would be accepted where the funds have been "in fact and appearance" with its mandate.
It will continue to take money from fossil fuel companies but reject "the proceeds of the tobacco industry, crime, pornography, weapons, firearms, ammunition gold slavery".
The IPCC special report on the impact of global warming of 1.5C has been reported to be higher than 70% and 90% if the temperature is higher. Global warming reached 2C, more than 99% of coral reefs were projected to decline.
Scientists said it's underlined the need for urgent global action to cut greenhouse gas emissions – including a rapid withdrawal of coal-fired electricity.
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