Australia pledges US$700M to save Great Barrier Reef

The Australian government on Friday pledged to spend another 1 billion Australian dollars (US$704 million) over nine years on improving the health of the Great Barrier Reef after stalling a UNESCO decision on downgrading the natural wonder's World Heritage status.

Critics argue the investment is a bid to improve the ruling conservative coalition's green credentials ahead of looming elections while doing nothing to change the greatest threat to the coral: rising ocean temperatures.

Of the funding, AU$580 million will go toward working with land managers along Australia's northeast coast to remediate erosion, improve land conditions and reduce nutrient and pesticide runoff.

Another AU$253 million will support the Great Barrier Reef Marine Park Authority, which manages the world's largest coral reef ecosystem, in efforts to reduce threats from the crown-of-thorns starfish and to prevent illegal fishing.

Also, AU$93 million is slated for research to make the reef more resilient and to boost adaptation strategies.