Bloomberg, Dalio Launch $185 Million Ocean Exploration Initiative

Bloomberg, Dalio Launch $185 Million Ocean Exploration Initiative

Bloomberg Philanthropies and OceanX have announced a four-year, $185 million partnership in support of ocean exploration and conservation.

Established by Dalio Philanthropies, the chief philanthropic vehicle of billionaire hedge fund manager Ray Dalio, OceanX uses exploration as a means to foster awareness of and passion for the planet's oceans, deploying the technology and capabilities of its marine research and exploration vessel, the Alucia, and the state-of-the-art production capabilities of its media arm, OceanX Media, to broadcast unparalleled ocean content to audiences worldwide. Its first project under the partnership with Bloomberg will be an expedition to the Northeast Canyons and Seamounts Marine National Monument to explore the monument and demonstrate its importance to the health of the North Atlantic.

Through their combined efforts, Bloomberg and Dalio, two of the largest supporters of ocean protection and exploration in the world, hope to create a platform that increases the world's collective understanding and appreciation of the oceans and the need to conserve them. To that end, the initiative will coordinate the conservation strategies of multiple stakeholders to maximize their impact and will invest both separately and together in the areas of ocean exploration and conservation, awareness and education, issue advocacy, and policy development. For Bloomberg, the investment marks an expansion of its Vibrant Oceans initiative, which was launched in 2014 and partners with Oceana and Rare, among others, to improve and protect fisheries and critical marine areas in top fishing nations such as Brazil, Chile, and the Philippines, where initiative partners have seen growth of 390 percent in coastal fish populations at Phase I sites and where more than a million square miles of critical ocean habitat have been protected. 

"More than three billion people depend on the oceans for food and their livelihoods. That means threats to marine ecosystems — like climate change and overfishing — also threaten lives around the world," said former New York City mayor Michael R. Bloomberg. "We're teaming up with OceanX to ensure that ocean conservation receives the attention it deserves."

"The health of our oceans is intertwined with our continued health and well-being on land, and increased threats to the ocean require that we focus our attention on addressing these issues," said Dalio. "We need to drive toward a global understanding of and passion for the oceans, which we believe will ultimately lead to their protection. We see the pairing of our exploration expertise and resources with Michael's conservation and advocacy work as part of the necessary collective efforts to address the issues facing our oceans."

(Photo credit: Ivan Agerton)