Last June he funded [1] a nearly $4 MM USD 5 yr project for researchers at the Hawaii Institute of Marine Biology at the University of Hawaii at Manoa (HIMB) [2] and the Australian Institute of Marine Science (AIMS) to study assisted evolution to increase the resilience of coral species.
[1] http://www.vulcan.com/news/articles/2015/coral-reef-research...
[2] http://www.hawaii.edu/news/2015/08/04/ruth-gates-research-to...
(disclaimer: my wife works at HIMB)
edit: It looks as this comment is viewed by some as excusing the incident -- that's not the intent. I just wanted to point out that Mr. Allen was already helping to save reefs, not destroy them.