Public Development Banks Unveil €3 Billion Clean Oceans Initiative 2.0 to Tackle Marine Plastic Crisis Through 2030

Public Development Banks Unveil €3 Billion Clean Oceans Initiative 2.0 to Tackle Marine Plastic Crisis Through 2030

(IN BRIEF) At the UN Ocean Conference in Nice, six public development banks including EIB, AFD, and KfW, joined by new partner ADB, launched Clean Oceans Initiative 2.0 — a renewed €3 billion pledge running from 2026 to 2030 to combat ocean plastic pollution. Building on the success of the original Clean Oceans Initiative, which met its €4 billion goal ahead of schedule, COI 2.0 expands its focus to include circular economy solutions and plastic alternatives, especially in high-impact regions like Asia. The initiative aims to deliver measurable outcomes through scientifically robust monitoring, driving innovation and systemic change in marine waste management.

(PRESS RELEASE) LUXEMBOURG, 10-Jun-2025 — /EuropaWire/ — At the United Nations Ocean Conference in Nice, a coalition of public development banks unveiled the Clean Oceans Initiative 2.0 (COI 2.0) — a renewed commitment to tackling the global plastic crisis in marine environments. This next phase builds on the momentum of the original Clean Oceans Initiative, which surpassed its €4 billion financing target seven months ahead of schedule. The upgraded partnership now sets a new €3 billion goal for 2026–2030, with an expanded focus on waste prevention and circular economy solutions.

Led by Agence Française de Développement (AFD), European Investment Bank (EIB), Kreditanstalt für Wiederaufbau (KfW), Cassa Depositi e Prestiti (CDP), and the European Bank for Reconstruction and Development (EBRD), the initiative now welcomes the Asian Development Bank (ADB) as a new regional partner. ADB’s involvement is expected to significantly bolster efforts in Asia — a region where plastic waste flows into the oceans at alarming rates.

Since its 2018 launch and 2022 extension, the Clean Oceans Initiative has grown into the world’s largest multilateral effort dedicated to financing projects aimed at reducing plastic and microplastic discharge into oceans. Achievements to date include upgraded wastewater systems in Sri Lanka, China, Egypt, and South Africa; solid waste infrastructure in Togo and Senegal; and climate-resilient flood protection in Benin, Morocco, and Ecuador.

COI 2.0 will broaden its scope to include circular economy innovations, projects that replace plastic with sustainable alternatives, and community-based solutions to prevent waste at the source. An essential part of the new phase is developing measurable, science-based impact indicators, especially for assessing the success of plastic pollution prevention efforts.

With projections from the United Nations suggesting plastic entering aquatic ecosystems could reach up to 37 million tonnes annually by 2040, this initiative arrives at a critical moment.

“Delivering on our initial target ahead of schedule demonstrates the power of partnership and collective action,” said EIB Vice-President Ambroise Fayolle. “Through the Clean Oceans Initiative 2.0, we are expanding our collaboration with local partners to deliver innovative solutions where they are needed most. The EIB is committed to supporting projects that make a real and measurable difference, setting new benchmarks for impact as we continue our mission to keep plastics out of the world’s oceans.”

Background information

Oceans are vital to life on Earth, providing food, income, climate regulation, and natural resources for billions of people. They absorb about 30% of global carbon dioxide emissions, helping to buffer climate change.

Plastic pollution threatens marine ecosystems and the livelihoods of millions who depend on healthy oceans. Most ocean plastics originate from mismanaged waste on land, often carried by rivers due to inadequate waste collection and water treatment, especially in rapidly growing cities. Microplastics alone account for an estimated 1.5 million tonnes entering the oceans each year.

The Clean Oceans Initiative 2.0 focuses on projects in coastal areas that address plastic pollution entering the ocean, particularly in Asia, Africa, and Latin America, where inadequate waste and water management in major river systems remains a critical challenge.

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

High-quality, up-to-date photos of our headquarters for media use are available here.

Media Contact:

Antonie Kerwien
a.kerwien@eib.org
+352 4379 – 82175

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SOURCE: European Investment Bank