Dowsley, T. (2015). A Multi-Faceted Natural Asset Trust for the Great Barrier Reef. Solutions 6(3): 30-33. https://thesolutionsjournal.com/article/a-multi-faceted-natural-asset-trust-for-the-great-barrier-reef/
Perspectives A Multi-Faceted Natural Asset Trust for the Great Barrier Reef by Tom Dowsley
T
he Great Barrier Reef is arguably Australia’s most famous natural icon. Yet, the ecological health of the reef has declined over the last 150 years following intense development.1 In addition to the terrestrial pollution, the reef is under threat from invasive species, overfishing, and climate change.2 Development has focused on enhancing built capital and facilitating economic growth, with little recognition of the vast ecosystem services that are provided by the reef.3 Attempts to preserve the reef have been underway at all levels of government for many years, however, there have been no notable improvements to its health. The most recent government initiative has been the establishment of a Reef Trust that seeks to leverage funds to improve coastal habitat and water quality throughout the reef’s catchment area, offering the first glimpse of the broadspectrum approach that is needed to save this extraordinary resource.4
An Unbalanced Approach to Social, Human, Natural, and Built Capital in the Reef Intensive development along the Great Barrier Reef has created a strong portfolio of built capital. However, this development has come at the cost of the Reef itself, which sustains the ecosystems that draw so many people to the area in the first place. Recent estimates have valued the ecosystem services provided by the Reef at between AUD $15 and $20 billion each year.5 These ecosystem services are at risk due to such widespread development. At the regional scale, agriculture presents one of the greatest threats to the Reef.6 There is now a clear
Richard Ling
A coral garden and various damselfish at Big Broadhurst Reef, a section of the Great Barrier Reef.
consensus that degraded water quality due to agricultural fertilizers is linked to the reef’s higher susceptibility to coral bleaching.7,8 Tackling agriculture is just one issue requiring a systemwide approach to managing the reef. The imbalance between natural and built capital is exasperated by a myriad of governance issues. Given the link between terrestrial pollution and reef health, an obvious challenge is the jurisdictional split of management: the Australian government is responsible for the Great Barrier Reef Marine Park, while the Queensland government manages the adjacent coastal area.9 At the Commonwealth level, financial incentives are provided to improve water quality, while state regulations have been set to minimize agricultural pollution.10,11
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The effectiveness of these incentives and regulations is being called into question even as the Reef faces one of its biggest challenges yet—climate change.12,13 With little meaningful global cooperation, carbon dioxide concentrations are likely to exceed the ‘dangerous’ threshold of 2oC.14 Exceeding this threshold would lead to significant destruction of most corals within the Reef.15 The impact of climate change on the reef could be partially ameliorated by significant improvements to water quality.16 While reductions in dissolved inorganic nitrogen concentration of up to 80 percent would be required to offset a global temperature rise of 2oC,17 such an approach would go a long way to saving the reef, provided regional players can work more effectively together.