L'Oréal and Great Barrier Reef Foundation partner on reef restoration
Coral reefs are the most biodiverse ecosystems on the planet, home to a quarter of all marine life in our oceans. But climate change is causing widespread biodiversity loss and disrupting the delicate balance of entire reef ecosystems, leading to species loss and declining ocean health. Significantly more investment is therefore needed to restore the biodiversity we’re increasingly losing, and to protect what remains.
The €50 million L’Oréal Fund for Nature Regeneration has committed to a decade-long investment aimed at pioneering a novel method of calculating the value of coral reef biodiversity and supporting the deployment of heat-tolerant corals. This innovative methodology is expected to stimulate a market for nature rehabilitation, thereby securing crucial funding to safeguard and rejuvenate reef ecosystems.
As well as unlocking new funding to help protect biodiversity, the new partnership will also support critical reef interventions including the targeted deployment of two million heat-tolerant corals on the Great Barrier Reef by 2030. Supporting tourism, ecological and cultural values, this is expected to lead to direct and indirect economic benefits in excess of $100 million.
“Coral reefs are one of the most valuable yet vulnerable ecosystems on the planet,” said Great Barrier Reef Foundation Managing Director Anna Marsden.
“Our partnership with L’Oréal will deliver game-changing innovation in how we measure, protect and restore marine biodiversity, bringing hope to the future of coral reefs and the 1 billion people who rely on them.
“We are inspired by L’Oréal’s industry leadership in sustainability and science. Their longstanding commitment in addressing urgent environmental issues, notably climate change and biodiversity loss, makes them the perfect partner for the Great Barrier Reef in this critical moment of need.”
“Coral reefs are essential for marine ecosystems preservation, and in the protection of coastal communities affected by climate-driven disasters,” added L’Oréal Groupe Environmental Leadership Director Rachel Barré.
“Through the L’Oréal Fund for Nature Regeneration’s investment in the Great Barrier Reef Foundation, we are financing innovative models to help build resilience for these vital ecosystems, and to support new approaches to their restoration at scale.”
The partnership will fund an integral component of the Reef Restoration and Adaptation Program (RRAP), a collaboration of Australia’s leading science organisations and the Great Barrier Reef Foundation to help coral reefs globally withstand the impacts of climate change. This large-scale R&D program was established and supported by the Reef Trust Partnership between the Australian Government and the Great Barrier Reef Foundation.
“In parallel with a drastic and rapid reduction in global emissions, it is imperative that we develop solutions that protect existing coral reefs and their biodiversity from the escalating impacts of climate change,” said RRAP Executive Director Dr Cedric Robillot.
“L’Oréal’s investment will enable us to lead the way by creating the building blocks of a global reef restoration industry, underpinned by sustainable financing, that will bring long-term benefits to the world’s reef communities and investors committed to making a difference.”
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