Australia pledges 1 billion Australian dollars to protect the Great Barrier Reef

The Australian government on Friday pledged 1 billion Australian dollars ($700 million) to protect the Great Barrier Reef, months after it narrowly avoided being placed on the UN’s cultural agency’s “danger” list due to the threat of climate change, CNN reports.

Prime Minister Scott Morrison unveiled the nearly decade-long conservation package days ahead of a February 1 deadline set by UNESCO to submit a report on the reef’s state of conservation.

“We are backing the health of the reef and the economic future of tourism operators, hospitality providers and Queensland communities that are at the heart of the reef economy,” Morrison said in a statement.

The funding will support new climate adaptation technology, investment in water quality programs, and protect key species in the biodiverse reef, he added. 

In July, UNESCO debated whether the Great Barrier Reef was “in danger” – a designation that means a site is under threat. If the action wasn’t taken to address concerns, it was at risk of losing its World Heritage status, the UN agency warned.

In a letter published last July, 13 public figures – actors, former politicians and journalists – urged leaders to act fast and “save” the reef. 

“We urge the world’s major emitters to undertake the most ambitious climate action under the Paris Agreement,” the letter read. “There is still time to save the Great Barrier Reef, but Australia and the world must act now.” Morrison’s announcement Friday comes ahead of a general election expected in May.

The Australian Climate Council, which is independent of the government, dismissed Morrison’s pledge, calling it “a band-aid on a broken leg” in a statement Friday.

“Unless you are cutting emissions deeply this decade the situation on the Reef will only get worse,” climate scientist and Professor of Biology at Macquarie University, Professor Lesley Hughes said in the statement. 

In an interview with radio station 4A Cairns Friday, Morrison said emissions were falling under policies the government has put in place, which is beneficial for the reef.

“We’re achieving those outcomes, and we’re going to keep doing it because we’re passionate about it,” he said.

Impact of the climate crisis

The Great Barrier Reef, the world’s largest coral reef, covers nearly 133,000 square miles (344,000 square kilometers) and is home to more than 1,500 types of fish, over 400 kinds of hard corals and dozens of other species.

But the effects of the climate crisis, coupled with a series of natural disasters, have had a devastating impact on the reef. An Australian government five-year survey in 2019 found the condition of the natural wonder had deteriorated from “poor” to “very poor.”

The reef has lost 50% of its coral populations in the last three decades, according to a study published in October 2020 by researchers from the ARC Centre of Excellence for Coral Reef Studies. 

In a report published in June last year, a UNESCO monitoring mission said that despite the Australian government’s work to improve the reef’s situation, “there is no possible doubt that the property is facing ascertained danger.”

But the Australian government has strongly objected to that conclusion. Environment Minister Sussan Ley flew to Europe last July as part of a last-ditch attempt to convince the other members of the World Heritage to vote against the measure. Australia is currently part of the 21-country rotating committee.

Morrison on Friday called the reef the “best managed” in the world. “Today we take our commitment to a new level,” he said.

Read more

Indian billionaire Mukesh Ambani donated $80 billion into green energy

Indian billionaire Mukesh Ambani is going big on green energy. His conglomerate, Reliance Industries, announced Thursday that it would allocate a whopping 6 trillion rupees (approximately $80.6 billion) to renewable power projects in the western Indian state of Gujarat, where it hopes to help generate a million new jobs, CNN reports.

The bulk of that money — about $67.7 billion — will go toward a new power plant and hydrogen system, the company said in a stock exchange filing. Reliance plans to make the massive investment over a 10-to-15-year period and has already begun scouting for land for the 100-gigawatt capacity site. 

The company also plans to create a new manufacturing hub that will be dedicated to the production of solar panels, fuel cell technology and other renewable energy sources. 

Reliance said the new initiatives stem “from the vision” of Indian Prime Minister Narendra Modi. The company’s 1 million jobs projection includes both direct and indirect new opportunities in Modi’s home state.

Renewable energy is starting to take off in India. Last year, new installations of such projects were projected to double across the country, compared with those from 2015 to 2020.

The trend comes at a critical time. As of late last year, coal still accounted for almost 70% of the country’s electricity generation. 

That placed the world’s second most populous country in a vulnerable spot recently as it faced risks of a coal crunch last October, with stocks of the commodity at most Indian power plants dropping to critically low levels.

Reliance is one of India’s most valuable and recognizable companies. The powerhouse conglomerate — which spans petrochemicals, telecommunications and retail — has long been trying to reduce its reliance on oil.

It has also been undergoing a shift in focus recently as Ambani, its chairman, seeks to transform it into a global tech giant.In its statement Thursday, Reliance said it would use the remaining funds to invest “. In existing projects and new ventures over next three to five years.” 

Over that period, the company wants to direct $1 billion to upgrade its mobile network to 5G, and spend about $406 million on its retail arm.

Read more