The initiative includes projects to tackle plastic pollution, make the ‘blue economy’ – which refers to all economic activities related to oceans – more sustainable, and improve research on ocean safety.

The €300m, pledged at the Our Ocean conference, comes on top of €550m given by the EU last year at the same event. The conference, which takes place this week in Bali, focuses on guarding marine protected areas, fisheries, pollution and climate change-related impacts to the oceans.

The EU has made 23 commitments, which include €100m for research and development projects to tackle plastic pollution and €82m for marine and maritime research, as well as €18.4m to make the ‘blue economy’ more sustainable.

Commission vice president Federica Mogherini said: “The state of our oceans calls for determined global action.”

She added that countries should work together to ensure the oceans are clean.

“It requires determination, consistency and partnerships, within and outside our European Union, and it is in this spirit that today we renew the commitment to protect Our Oceans,” she said.