One of the world’s richest people has promised to donate £196 million to protect the world’s oceans.

US businessman Michael Bloomberg (above) revealed his plans at London Climate Action Week. He owns the financial, data and media company Bloomberg LP. It’s hoped that his money will “help close the gap between ocean protection commitments and action.”

Some of the funding will be used to support the High Seas Treaty. It’s an international agreement, signed by 145 countries, that aims to create protected areas that cover two thirds of the global ocean by 2030. With four years left until that deadline, just one tenth of the ocean is protected.

Oceans absorb 90% of the world’s excess heat, and the impact that climate change is having on the world’s seas is partly helping to fuel heatwaves, like the one we all experienced last week.

Bloomberg is an environmentalist. Last year, Donald Trump stopped US payments for United Nations climate action, so Bloomberg paid instead.