Bloomberg Philanthropies has announced $204 million in new commitments to protect the world’s oceans, coastal communities, and marine ecosystems, a major expansion of the foundation’s climate and environment portfolio.

Funding through the Bloomberg Ocean Initiative, the funding will be used to accelerate data-driven policy solutions and community involvement to protect coral reefs, stop illegal fishing, and safeguard marine ecosystems and biodiversity that are at risk from climate change. Since 2014, Bloomberg Philanthropies has invested more than $364 million in ocean conservation, supporting programs with current partners including Oceana, Rare, Global Fishing Watch, Oceans 5, and the Wildlife Conservation Society. New partners include Blue Ventures, Coral Vita, the Commonwealth Secretariat, the Global Fund for Coral Reefs, the Outlaw Ocean Project, and the National Geographic Pristine Seas project. In addition to the new funding commitments, Bloomberg will expand efforts to increase public, private, and philanthropic funding for ocean solutions and affected communities.

The announcement coincides with the convening of the United Nations General Assembly and is timed to spur global action at the United Nations Climate Change Conference (COP27) being held in Sharm El-Sheikh, Egypt, in November. In 2021, Bloomberg joined other foundations and governments to commit a combined $5 billion in support of the 30x30 initiative to protect 30 percent of Earth's land and oceans by 2030.

“Our planet’s ocean is in grave peril. So, too, are many coastal communities that rely upon healthy fisheries and vibrant marine ecosystems,” said Oceans 5 executive director J. Charles Fox. “Bloomberg’s commitment to ocean conservation is among the largest in history…[and] challenges all of us to strengthen our commitment to marine conservation.”

(Photo credit: Getty Images/Shelly Murphy)