(CNN) Australia has pledged more than 500 million Australian dollars ($379 miillion) to help preserve the Great Barrier Reef, in an attempt to help better protect the world heritage site from the effects of climate change.

The new funding is part of an ambitious conservation plan that will see the Australian government partner with the Great Barrier Reef Foundation to improve and monitor the long-term health of the reef.

Described as the largest single investment for reef conservation and management in the country's history, the money will be used to improve water quality, control a major predator and expand reef restoration.

The Great Barrier Reef is home to the world's largest collection of coral reefs, with about 400 types of coral and 1,500 species of fish. It is also home to a number of endangered species, including the large green turtle and the dugong, a cousin of the manatee.

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