A Nobel prize-winning economic theory used by risk-averse investors to maximize returns is being applied to help save coral reefs, which are home to at least a quarter of all marine species and support hundreds of millions of people. Australian researchers have identified 50 reefs or coral sanctuaries which are most likely to survive the climate crisis and able to repopulate other reefs, helping identify priorities for funding and action. Nearly $93m (£70m) has been invested in the '50 reefs' project, and eight funders have prioritized 60 coral reef ecosystems across more than 40 countries.

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