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HSBC, Queensland government buy ‘credits’ to protect Great Barrier Reef – Sydney Morning Herald

Queensland and HSBC said  they will make a “world-first investment” to protect the world-heritage listed Great Barrier Reef which is suffering from extensive coral…

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The investment required to meet water quality targets for the Great Barrier Reef is estimated at $4 billion according to James Schultz, the CEO of GreenCollar, which developed the Reef Credit Scheme in partnership with landholders, the Queensland government and natural resource management organisations.
Neither HSBC nor the Queensland government disclosed how much they would invest to buy “reef credits”.
GreenCollar estimates that the market could be worth over 6 million Reef Credits by 2030, opening…

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