Big Money Fights Smoking

Two billionaire philanthropists are combining their cash to take the steam out of smoking.

Microsoft founder Bill Gates and New York Mayor Michael Bloomberg are pouring $375 million into a global effort to reduce smoking.

The two have a combined worth of more than $70 billion, and said Wednesday that the money will help efforts in developing countries where tobacco use is highest.

"Bill and I want to highlight the enormity of this problem and catalyze a global movement of governments and civil society to stop the tobacco epidemic," Bloomberg said in a statement.

Worldwide, there are more than 1 billion smokers.

Their foundations said, the $250 million from Bloomberg and $125 million from Gates will encourage projects that raise tobacco taxes, help smokers quit, ban tobacco advertising and protect nonsmokers from exposure to smoke.

It will also help efforts to track tobacco use and better understand tobacco control strategies.

Bloomberg, made his billions from the financial information company he started in the 1980s. In 2006, he started an anti-smoking initiative he funded with $125 million.

That money specifically targets China, and goes toward other tobacco-fighting campaigns in low- and middle-income countries like India, Indonesia, Russia and Bangladesh.

The Bloomberg foundation is also conducting a survey to better understand smoking in those countries.

At the time Bloomberg first announced that $125 million gift, he said smoking was a public health issue that was largely ignored by philanthropists. Bloomberg quit smoking 30 years ago; and has since has politically crusaded against smoking by banning smoking in bars and restaurants.

On Wednesday, Gates said $24 million of his gift would fund Bloomberg’s efforts that are already underway.

"Tobacco-caused diseases have emerged as one of the greatest health challenges facing developing countries," Gates said in a statement. "The good news is, we know what it takes to save millions of lives, and where efforts exist, they are working."

His foundation will use the remaining money to begin its own anti-tobacco work, including preventing tobacco use from increasing in Africa.