PM Malcolm Turnbull announces $1 billion Great Barrier Reef protection fund

The Turnbull government will create a billion dollar fund to help protect the Great Barrier Reef from climate change and poor water quality.

Prime Minister Malcolm Turnbull will on Monday pledge $1 billion from the Clean Energy Finance Corporation's $10 billion special account towards the designated fund over 10 years.

It comes after the coalition twice failed to abolish the CEFC - a policy Mr Turnbull's predecessor Tony Abbott took to the last election.

The fund will provide investment finance for projects in the region that can improve water quality and reduce emissions.

Projects that reduce the runoff of fertilisers and sediment will be supported, as well as installing more energy and water efficient irrigation systems and upgrading coastal sewage plants.

Clean energy initiatives within the local catchment will also be a focus, with finance for solar panels on nearby farms and more efficient agricultural equipment.

The government believes improving water quality will bolster the reef's resilience to climate change, coral bleaching and outbreaks of the coral-destroying crown of thorns starfish.

The pledged investment comes on top of $461 million spent by the coalition on the reef since coming to power in 2013.

A fortnight ago, Opposition Leader Bill Shorten pledged a $500 million reef fund, including $377 million in new funding.

His plan included $50 million for the CSIRO, as well as funding for improving water quality and reducing sediment run off.