Manhattan, New York, U.S.A.-based organization Bloomberg Philanthropies announced a USD 260 million (EUR 229 million) commitment to expand the Bloomberg Ocean Initiative during the Earthshot Prize Impact Assembly in London, England.
The Bloomberg Ocean Initiative expansion will “help close the gap between ocean protection commitments and action as countries work toward the global goal of protecting 30 percent of the ocean by 2030,” Bloomberg Philanthropies said in a release. The added investment is targeting over 50 different coral reef restoration projects in Marine Protected Areas damaged by marine heatwaves, pollution, and severe storms, equaling 165,922 square kilometers across 71 countries and 99 territories.
“Our new commitment marks the next phase of the Bloomberg Ocean Initiative,” Bloomberg Philanthropies CEO Patricia Harris said. “Over the years, we have made important progress in protecting our ocean, but we still have a long way to go. We look forward to working with partners to not only improve leadership and governance on the issue but also strengthen economies and safeguard the livelihoods of the billions of people who rely on the ocean every day.”
With the coral reef restoration now underway, new countries include the Marshall Islands, Mexico, and the United Kingdom. The project identified areas important for tuna migration corridors and deep-sea ecosystems. This added investment brings Bloomberg Philanthropies’ total investment for ocean conservation to USD 635 million (EUR 559.4 million) to date. The organization has protected 11.3 million square miles of ocean, strengthening protections for more than 70 coral reefs, and advancing 280 policies to reduce overfishing and other threats to marine ecosystems.
Bloomberg Philanthropies is also using satellite tracking, public data platforms, and AI to improve transparency, accountability, and management of fishing activities as well as aiding governments with creating MPAs and fisheries management reforms.
“We owe future generations a livable world – and right now, we are not on track to deliver it,” Paulson Institute Chairman Henry Paulson Jr. Said. “Fisheries, coastal infrastructure, and marine ecosystems underpin trillions of dollars of global economic activity, and they are all at risk. But it’s not too late to change course. We have the knowledge and the ability to act; what has been missing is the sustained investment and governance capacity to translate that into tangible protection around the world. Bloomberg Philanthropies is providing both, protecting the ocean as a responsibility to those who come after us.”
Bloomberg Philanthropies is also working with the High Seas Treaty to establish some of the first MPAs under the treaty in an effort to meet the 30x30 goals set in place. The two will partner with local governments, local communities, and scientists to identify areas of need, make conservation plans, and strengthen current monitoring and enforcement systems. Bloomberg Philanthropies also announced a plan to develop a global network of partners, including the Aga Khan Foundation, Blue Ventures, Campaign for Nature, Earth Insight, Global Fishing Watch, the Joint 30×30 Funding Initiative, Oceana, Oceans 5, the Ocean Climate Diplomacy Initiative, Only One, Philanthropy Asia Alliance, National Geographic Pristine Seas, Rare, SkyTruth, the 30×30 Southeast Asia Ocean Fund, the Wildlife Conservation Society, and the Woods Hole Oceanographic Institution.
