Packard Foundation Pledges $480 Million to Ocean Conservation Over the Next Five Years

Over the next five years, the David and Lucile Packard Foundation will be committing US$480 million to an initiative dedicated to ocean conservation.

The foundation made the announcement on April 17 during the closing ceremony of the ninth Our Ocean Conference, held in Athens, Greece.

“Ocean science and conservation are core to the Packard Foundation’s DNA,” wrote Meg Caldwell, interim vice president of environment and science, in an email. “The next phase of the Packard Foundation’s commitment to ocean health, the 10-year (2023-33) Ocean Initiative, aims to protect and restore ocean ecosystems for people and nature, now and in the future.”

The support from the funding will be focused in four countries, Chile, China, the U.S., and Indonesia, which were selected because of their “biological significance, human dependence on ocean ecosystems, and opportunities to affect positive changes,” Caldwell says.

The foundation’s ocean initiative will specifically address three primary threats: climate change, unsustainable overfishing, and habitat loss. These issues not only harm ocean ecosystems, but also the countless people who rely on the ocean for “their livelihoods, nutrition, and cultural heritage, disproportionately impacting Indigenous peoples and coastal communities,” Caldwell says.

Caldwell emphasises the need to include these groups of people in the conversations and actions regarding ocean conservation.

“Weak governance and seafood supply chains that put profit ahead of people compound these threats, allowing human rights abuses and inequities to persist,” she says.

The foundation plans to address these threats by funding work within three systems: civil society, to strengthen “the engagement of ocean-reliant communities” to create more inclusive solutions; seafood supply chains, to end illegal fishing, overfishing, and human rights abuses; and governance, to enact reform that will protect both the ocean and the reliant communities.

The Packard Foundation is also a part of the Ocean Resilience and Climate Alliance, which is a philanthropic initiative working to address the climate crisis and its damage to the ocean. ORCA’s mission is “to provide a surge of more than US$250 million dollars in grants over four years to catalyze work across a handful of immediate ocean-climate priorities,” according to their website.

Australian shares fell on Thursday as Wall Street weakness, rising oil and persistent rate concerns weighed on most of the market.

The S&P/ASX 200 declined 0.72 per cent to 8,702. The All Ordinaries lost 0.66 per cent to finish at 8,897. Mining stocks were hit particularly hard, while real estate also dragged on the index.

Energy was the notable exception, gaining more than one per cent as Brent crude traded above US$103 a barrel. Oil had moved higher amid uncertainty surrounding potential US diesel-export restrictions and broader geopolitical supply risks. The move supported energy producers but renewed concern about inflation inputs across transport and the wider economy.

Gold shares were weak even as spot bullion remained historically elevated. The All Ordinaries Gold index fell about 2.25 per cent, showing that equity performance can diverge from the commodity because of valuation, currency, operating and company-specific factors.

Zip was a prominent loser, falling 11.38 per cent after the company reported short sales after the previous close. Nine Entertainment also weakened after UBS analysts warned of near-term revenue challenges associated with its advertising-supported subscription tier.

Premier Investments led larger winners despite caution about the retail environment. Breville, in which Premier owns a significant stake, also appeared among leading movers. In the broader ASX 300 screen, Myer gained 11.43 per cent and MAAS Group rose 7.93 per cent, while Lotus Resources fell 10.53 per cent. These percentage moves should be checked against company announcements and trading liquidity before attributing causes.

The Australian dollar was broadly flat at US70.38 cents. Spot gold was around US$4,280 an ounce, Brent crude approximately US$103.08 a barrel and iron ore near US$96.90 a tonne late in the session.

The rate outlook remains the central domestic catalyst. Labour-market weakness has not eliminated the possibility of an RBA increase next week, leaving banks, listed property and other rate-sensitive sectors exposed to changing expectations.

Market dashboard

S&P/ASX 200: 8,702, down 0.72 per cent.

All Ordinaries: 8,897, down 0.66 per cent.

Best sector: Energy, up more than one per cent.

Weakest areas: Real estate and materials were the major drags; confirm final sector percentages before publication.

Material winner: Premier Investments led the large-company gainers. Confirm its final closing move from the ASX before publication.

Material loser: Zip, down 11.38 per cent.

ASX 300 percentage leader: Myer, up 11.43 per cent.

ASX 300 percentage laggard: Zip, down 11.38 per cent.

AUD/USD: Approximately US$0.7038, broadly flat.