L’Oréal Groupe Australia and New Zealand recently announced a significant initiative to bolster coral restoration in the Great Barrier Reef through a substantial investment in the Great Barrier Reef Foundation (GBRF). This marks the sixth commitment by L’Oréal to coral reef regeneration, highlighting its dedication to biodiversity.
Alex Davison, CEO of L’Oréal Australia and New Zealand, expressed excitement about the collaboration, outlining ambitious goals to plant two million heat-tolerant corals on the Great Barrier Reef by 2035. The partnership aims to catalyse sustainable funding through a Coral Biodiversity Credit (CBC) scheme, acknowledging L’Oréal’s role in contributing to ocean and reef health.
The Great Barrier Reef, among the world’s most biodiverse ecosystems, faces severe threats from climate change, prompting L’Oréal’s decade-long commitment to the Reef Restoration and Adaptation Program (RRAP). This collaboration with leading Australian science organisations and GBRF seeks to restore coral reefs through innovative methods.
Additionally, the partnership will pioneer a method to assess the value of coral reef biodiversity, supporting the deployment of corals with enhanced temperature tolerance. This groundbreaking approach aims to establish a nature repair market, providing essential funding for reef conservation efforts.
The L’Oréal Fund for Nature Regeneration, a 50-million-euro impact investment fund, operates under Mirova, an affiliated asset management company of Natixis Investment Managers dedicated to sustainable investment. Focusing on conserving or restoring natural habitats, the fund contributes to the regeneration of degraded land, mangroves, and marine areas.
The Great Barrier Reef Foundation plays a crucial role in protecting and restoring coral reefs, adapting them to the impacts of climate change. As a collaborative organisation, it raises funds and implements scalable conservation programs, working closely with First Nations people and front-line communities.
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