Six public development banks from Europe and Asia launched the Clean Oceans Initiative 2.0 as the third United Nations Ocean Conference kicked off this week.
The European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD) and the Asian Development Bank (ADB) have joined the development banks of France, Germany and Italy with a joint €3bn financing target aimed at reducing plastic pollution in the world’s oceans between 2026 and 2030.
The initial Clean Oceans Initiative, which was launched in 2018, had been largely focused on the reduction of plastics, micro-plastics and other litter into the oceans. That multilateral effort reached a €4bn target in long-term financing for public and private sector projects in May, which was seven months ahead of schedule.
Successful projects included improved wastewater treatment in Sri Lanka, China, Egypt, and South Africa; solid waste management in Togo and Senegal; and flood protection in Benin, Morocco, and Ecuador.
“Delivering on our initial target ahead of schedule demonstrates the power of partnership and collective action,” said EIB vice-president Ambroise Fayolle.
’37 million tonnes of plastic’
The Clean Oceans Initiative 2.0 (COI 2.0), which was announced during this week’s 2025 UN Ocean Conference in Nice, France, expands its focus to also include waste prevention and circular economy solutions, such as developing alternatives to plastic.
The amount of plastic waste entering the world’s ocean may more than triple from around 11 million tonnes in 2021 to between 23 and 37 million tonnes per year by 2040 if current trends were to continue, the UN estimated.
“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,” Fayolle said.
COI 2.0 plans to fund projects in coastal areas that address plastic pollution entering the ocean, particularly in Asia, Africa, and Latin America. These regions often have inadequate waste and water management systems in major rivers, which carry plastics into the sea.
