The $2.5m support is via a Carnival Foundation gift over a five-year period starting in 2014.
Another project involved installing new pilot reef enhancement structures to provide greater habitat for fish and a potential area for future coral growth in Grenada's Grenville Bay.
'The Nature Conservancy truly appreciates Carnival Foundation's support for our global and Caribbean-specific oceans conservation work,' said Maria Damanaki, global managing director for The Nature Conservancy's Ocean Program. She added that the gift has a major impact on The Nature Conservancy's efforts.
Damanaki said that by supporting the Caribbean Challenge Initiative, Carnival Foundation will help nearly triple the protection of the region's waters and coasts by helping conserve 21m acres of these important areas.
Carnival Corp.'s Roger Frizzell, chief communications officer, said his company has a deep commitment to protecting and sustaining the environment since it carries nearly 11m people a year on its global brands.