Posted By Phin Upham
Preservation of the Great Barrier Reef is a complicated process. Australia needed legislation that would allow it to provide funding towards operations that preserve and beautify the reef. Unfortunately, there are still potential disasters that stand in the way of protecting the Great Barrier Reef.
The Government of Queensland owns and manages the Great Barrier Reef. The site has always been an important eco-system for thousands of species of fish and aquatic wildlife, but man made events like oil drilling have threatened that balance. Drilling was disallowed as of 1975, but fishing still continues today.
The Environment Protection and Biodiversity Conservation Act provides guidance for establishing the Great Barrier Reef as a protected site. The act itself has allowed for permits and funding for various projects in the region, including an extensive eco-tourism operation.
Warmer temperatures and pollution have led to a decline in the water quality in and around the Great Barrier Reef. Because of this decline, coral bleaching has occurred and the pesticide content found in the water has increased significantly. Plans in place since 2003 aim to improve the quality of the reef through restoration of portions from the reef that naturally reduce pollutants in the water, and reducing the pollutants found in the water.
Eco-tourism projects help to educate and excite visitors of the reef. Glass bottom boats provide a unique glimpse into the waters, and helicopter tours help people admire the majesty of the reef from safely above it.
About the Author: Phin Uphamis an investor at a family office/ hedgefund, where he focuses on special situation illiquid investing. Before this position, Phin Upham was working at Morgan Stanley in the Media & Technology group. You may contact Phin on his Phin Upham website or Twitter page.