Building on a shared commitment to marine sustainability, six public development banks today launched the Clean Oceans Initiative 2.0 (COI 2.0), a renewed and expanded partnership dedicated to drastically reducing plastic pollution in the world’s oceans. At the United Nations Ocean Conference in the city of Nice, Agence Française de Développement (AFD), European Investment Bank (EIB), Kreditanstalt für Wiederaufbau (KfW), Cassa Depositi e Prestiti (CDP), and European Bank for Reconstruction and Development (EBRD) together with the Asian Development Bank (ADB), which joins the initiative as a new member, set a joint financing target of €3 billion for the years 2026 to 2030.

Launched in 2018 and extended in 2022, the Clean Oceans Initiative is the largest multilateral effort dedicated to funding projects that reduce plastic pollution at sea. In May this year, the initiative achieved its target of raising €4 billion in long-term financing for public and private-sector projects aimed at reducing the discharge of plastics, microplastics and other litter into the oceans through improved management of solid waste, wastewater and stormwater. Project examples include 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.

According to the United Nations, if current trends continue, the amount of plastic waste entering aquatic ecosystems each year could triple—from around 11 million tonnes in 2021 to 23–37 million tonnes by 2040. This new phase of the Clean Oceans Initiative is the international financial community’s response to these challenges. COI 2.0 will maintain its focus on reducing marine litter, while increasing its impact by placing stronger emphasis on waste prevention and supporting circular economy solutions, including projects that develop alternatives to plastic.