"The Australian Government will protect thousands of jobs, improve water quality, tackle coral-eating crown-of-thorns starfish and implement scientific reef restoration on the Great Barrier Reef", the Australian government said in a statement released on April 29.
To tackle the growing problem of crown-of-thorns starfish, water pollution, and reef damage, the government will team up with the Great Barrier Reef Foundation where $444 million will be allocated to these particular areas.
The funding, which was confirmed in the May budget, came following results of studies that show the consequences of climate change on the world's largest coral reef system.
"Science is well aware of what is killing coral on the Great Barrier Reef - it's the excess heat that comes from burning fossil fuels", said Bill McKibben, an American environmentalist, author and founder of 350.org, which aims to rapidly end the use of fossil fuels.
Although some fear that much of the damage can not be undone, John Schubert, chairman of the Great Barrier Reef Foundation, believes that the government's attention gives the reef "real hope".
"It's not working, it's not achieving major water quality improvements", he told Reuters by telephone on Sunday.
"You can't be serious about saving the reef without a serious plant to tackle climate change", he said.
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Speaking to reporters after the project's unveiling Sunday, Australian Environment Minister Josh Frydenberg said the reef was under a lot of pressure but those challenges could be overcome.
He said the funding represented the single largest investment for reef conservation and management in Australia's history.
"You can not protect the reef from puddles of warm water sitting over the entire northern GBR, together with all of the cyclones that came at the same time which were also climate-related". We must address crown-of-thorns starfish outbreaks.
Earlier this month, scientists said the site suffered a "catastrophic die-off" of coral during an extended heatwave in 2016, threatening a broader range of reef life than previously feared.
"Today's major investment brings real solutions within our grasp", he said.
"Millions of dollars will go into science and to better data management and to be able to test the impacts on the reef", he added.
The Great Barrier Reef is a critical national asset, contributing $A6.4-billion (R60billion) a year to the economy.