Reef Foundation aims to spend a lot, but silently, on reducing emissions

The Great Barrier Foundation could spend up to $ 840 million to help the reef survive climate change, but will not ask for larger emissions cuts despite alarming warnings from the expert group of the United Nations on the impacts of climate change.

The organization has issued an ambitious plan to raise up to $ 400 million in addition to a $ 440 million grant from the federal government through philanthropy, sponsorship and sponsorship. businesses, public donations and pooling of resources.

The foundation had only six full-time employees when former Prime Minister Malcolm Turnbull offered to fund this activity earlier this year, after a rushed meeting in the absence of department staff.

If he wins power in the next federal election, the Labor Party is committed to resuming government funding, which was granted without a call for tenders and without the foundation's request.

The foundation defended the captain's appeal by Mr. Turnbull and stated that she had "the unique ability to leverage private funds" and outlined her $ 90 million fundraising history during last 18 years.

The centerpiece of its new strategy, released on Friday, includes a "capital campaign" targeting global and national philanthropic sources, with $ 100 million in funding for the reef restoration program.

Foundation Executive Director Anna Marsden said, with funding and resources provided by other delivery partners, this research effort would be transformed into a $ 300 million research effort to develop and develop implement "new advanced technologies" to repair reef damage and build resilience.

Ms. Marsden stated that this issue has never been addressed in the world.

"How can we essentially ensure that our coral reefs are protected from climate change, but also how to rebuild the reefs we have lost," she said.

According to the strategy: "Such an effort is attractive to a growing pool of philanthropists … where the investment's attack causes rather than the symptoms of the problems."

However, according to many people involved in research, management and conservation of reefs without reducing emissions, no amount of money can save the reef.

Reef in severe decline under target supported by the foundation

Earlier this week, the world's most influential climate science organization warned that Australia and the rest of the world needed to virtually eliminate the use of coal to produce electricity in the next 22 years if we wanted to save part of the Great Barrier Reef.

The United Nations Intergovernmental Panel on Climate Change (IPCC) has stated that global emissions of greenhouse gas pollution must be zero by 2050 or so in order to limit global warming to 1.5 degrees Celsius.

Coral reefs are expected to decline by another 70 to 90 percent even with a 1.5 degree warming, but could lose more than 99 percent if warming reaches 2 degrees.

This means that the vast majority of the Great Barrier Reef would undergo a major upheaval or collapse, with a 1.5 degree warming expected by 2040.

As part of the Paris agreement, Australia is committed to reducing its carbon emissions by 26 to 28% from 2005 levels by 2030.

Professor Mark Howden of Australian National University, contributor to the IPCC report, said his country was not on track to save the reef.

"We are currently preparing for a warming of about 3 to 4 degrees by 2100."

Ms Marsden said the foundation supported the current cuts to the Paris agreement to limit warming to 1.5 ° C, but that it was not up to the foundation to plead in favor measures going beyond.

"We are the main charity of the Great Barrier Reef. Therefore, our role is to try to allow as much funding as possible for powerful projects, "she said.

"In fact, if we hope to reach the goal of 1.5, we know that it will mean that we will still have many more years to experience heavy losses on the Great Barrier Reef, as we have seen in recent years. . . "

The foundation's president, John Schubert, also told a Senate inquiry into last month's funding that it was not up to the Foundation to champion climate change policy.

"The field of advocacy on environmental issues and climate change is particularly crowded. A huge number of organizations and people involved in this project are trying to gain momentum, "he said.

The foundation's board of directors is made up of 12 people, including Boeing Australia president, Grant King president of the Business Council of Australia, former mining and bank CEOs, and a Qantas executive.

Some of the largest Australian companies have also disbursed $ 20,000 to serve on the Great Barrier Reef Foundation Presidents' Panel, including BHP, JP Morgan, Rio Tinto, Shell, AGL, Commonwealth Bank, Deutsche Bank and Boral Limited.

Mr King, former managing director of Origin Electricity and AGL, told the Senate commission that he did not support emission reductions lower than Australia's current commitments.

Corporate donations are positive for "reputation ratings"

The foundation plans to raise $ 50 million through donations and partnerships.

According to its latest strategy, partner companies were looking for benefits that could improve their image.

"[Such partnerships] Engage employees, position them as an employer of choice and contribute positively to the assessment of the company's reputation or social license, "said the strategy.