119. Growing Diverse and Resilient Corals

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Coral reefs are a critical ecosystem for our environment - and source of food, livelihoods, and cultural heritage for 500 million people. They're also likely to disappear by 2050 if the goals of the Paris Agreement are not met. That's why Bloomberg Philanthropies is promoting coral reef conservation through our Vibrant Oceans Initiative, which works with coastal communities, nonprofit organizations, local and national governments, policymakers, and academic groups to create more sustainable ocean ecosystems. Our guest today – Sam Teicher – co-founded Coral Vita, an organization dedicated to regenerating dying reefs. Based in Grand Bahama, the team creates high-tech coral farms that grow coral up to 50x faster while boosting resiliency against global warming and acidifying oceans. Healthy corals are then transported and transplanted back into degraded reefs, bringing them back to life. Coral Vita also prioritizes coastal economies by working with local communities, public officials, and private companies to improve education and create new jobs. Most recently, Coral Vita received the inaugural Earthshot Prize, a prestigious global environment prize designed launched by Prince William to incentivize change and help repair our planet with innovative solutions over the next ten years. Our founder, Mike Bloomberg, serves as Global Advisor to the Winners of the Earthshot Prize, including Coral Vita. Bloomberg the company along with Bloomberg Philanthropies has supported The Earthshot Prize since its creation in 2019, and is a Global Alliance Founding Partner. On this episode, Jemma Read, the Global Head of Corporate Philanthropy at Bloomberg LP, sits down with Sam Teicher. They discuss how he created Coral Vita with his co-founder, Gator Halpern, what makes Coral Vita's reef restoration technique unique, his experience with the Earthshot Prize, and how he's planning on using his prize money to expand Coral Vita's impact.