Wealthy companies are being asked to sponsor the Great Barrier Reef as part of a new initiative to improve its health.

The federal government is offering sponsorships, ranging from $1m to $7m, that will allow companies to use the reef in their branding while helping to save the world heritage-listed asset.

A glossy brochure has been released, inviting companies to stump up cash for conservation efforts such as restoring seabird nesting habitats and fighting the crown-of-thorns starfish.

It also urges investors, philanthropic organisations and individuals to get behind the Reef Trust partnership project, which has already received $140m in federal funding.

Those who sponsor the reef will be recognised in branding of project materials, including on social media.

Federal environment minister Greg Hunt said the government was also encouraging organisations to come up with their own ideas and projects to make a “big difference” to the reef.

“The innovation, goodwill and commitment of the industry, private sector and philanthropy all have a key role to play,” he said.

But Greens senator Larissa Waters said the government’s plan was farcical, given it had just approved the southern hemisphere’s largest coalmine, despite scientists warning global warming is the biggest threat to the reef.

“It’s a bit rich for the government to be cooking the reef with its coal obsession, and then wanting rich individuals to bail it out,” she told ABC radio.

She says the government should be using its own money to preserve the reef.

Reef projects for sponsorship

Seabird resilience: $1m over five years to improve seabird habitats on reef islands

Crown-of-thorns starfish control: $7m over three years to stop coral loss from crown-of-thorns starfish outbreaks

Sub-catchment repair: $5m over five years for sub-catchment ecosystem repair in the Fitzroy region

Native plant nursery and weed control: $2m over five years to support revegetation of reef catchments

Establishing floating wetlands: $3m over three years to help establish an initial floating wetlands to reduce pollutants