London: A coalition of development banks has pledged to invest at least €3 billion ($3.4 billion) by 2030 to combat plastic pollution in the world’s oceans.
The renewed Clean Oceans Initiative (COI) was launched at a United Nations conference in Nice, France. Led by the European Investment Bank (EIB), the initiative includes major lenders from France, Germany, Spain, Italy, and the European Bank for Reconstruction and Development.
The UN estimates that plastic waste entering oceans could nearly triple by 2040, reaching 37 million metric tons annually up from about 11 million tons in 2021.
Of particular concern is the rising presence of microplastics, which have contaminated marine environments, soils, and air, and now affect plants, animals, and humans.
Between 2018 and May 2025, the COI deployed €4 billion in projects focused on better managing solid waste, wastewater, and stormwater in countries including Sri Lanka, Togo, and Benin. These projects helped improve wastewater treatment, solid waste management, and flood protection.
Together with partners, we launched Clean Oceans Initiative 2.0 with a €3bn target for 2026–2030, after beating the original €4bn goal early.
This new phase boosts waste prevention, circular economy & regional impact as @ADB_HQ joins.
👉https://t.co/IxzKASrXvm pic.twitter.com/sfWnng5xgb
— European Investment Bank (@EIB) June 9, 2025
The next phase will maintain these priorities while expanding efforts upstream to reduce plastic waste at its source. This includes supporting the development of new packaging technologies and increasing recycling rates.
“We see a role for us to reduce the amount of virgin plastic needed or keep it in the system,” said Stefanie Lindenberg, COI project lead at EIB. The bank plans to reduce risks for new technologies by providing cheaper funding, grants, or investments in third-party funds.
The initiative also aims to collaborate with development banks in Asia and Latin America, key regions contributing to ocean plastic waste. The Asian Development Bank has joined the new phase, and talks are underway with the World Bank and Inter-American Development Bank.
Global leaders will convene in August to negotiate a deal to curb plastic pollution after talks stalled last December in Busan, South Korea.
