New York City mayor Michael Bloomberg and chairman of Microsoft Bill Gates have pledged a combined investment of $500 million (£250 million) to reduce global tobacco use.

The money is to help governments in developing countries increase funding for tobacco control as well as implement proven interventions to reduce the use of tobacco.

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

In 2005, Mr Bloomberg established his Initiative to Reduce Tobacco Use including a $125 million commitment, which will be extended with a new $250 million, four-year commitment. The Bill and Melinda Gates Foundation announced it will also commit $125 million over five years.

"When I announced this initiative, I said that I hoped others would step forward," Mr Bloomberg said.

Mr Gates and Mr Bloomberg, two of the world's richest men, are calling on government and business leaders to increase resources for tobacco control and to implement proven policies to reduce tobacco use, making the fight against the tobacco epidemic a higher priority.

According to the Bill and Melinda Gates Foundations, more than 80 per cent of the world's tobacco-related deaths will be in low- and middle-income countries by 2030.

Mr Bloomberg's initiative supports projects ranging from tax increases on tobacco, protecting nonsmokers from second-hand smoke and helping people quit.
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