Global Banks Launch €3B Clean Oceans Initiative 2.0 to Fight Plastic

In a major step toward preserving the health of the planet’s oceans, six leading public development banks have officially launched Clean Oceans Initiative 2.0 (COI 2.0)—an ambitious, renewed partnership committed to fighting plastic pollution across the world’s seas. The announcement was made at the United Nations Ocean Conference (UNOC) in Nice, France, where global leaders have gathered to accelerate progress on marine sustainability under Sustainable Development Goal 14.

The six banks driving this initiative include the Agence Française de Développement (AFD), European Investment Bank (EIB), Kreditanstalt für Wiederaufbau (KfW), Cassa Depositi e Prestiti (CDP), European Bank for Reconstruction and Development (EBRD), and Asian Development Bank (ADB)—which joins as a new member, adding vital regional leverage for Asia.

€3 Billion Pledge for 2026–2030

With COI 2.0, the consortium has committed to mobilizing €3 billion in financing from 2026 to 2030. This follows the resounding success of the original Clean Oceans Initiative, which was launched in 2018 with an initial financing target of €2 billion. That goal was later doubled to €4 billion, a milestone achieved in May 2025—seven months ahead of schedule.

The initiative has already financed over 80 public and private sector projects in key countries such as Sri Lanka, Egypt, China, South Africa, Senegal, Togo, Benin, Morocco, and Ecuador, focusing on:

• Wastewater treatment upgrades

• Solid waste management improvements

• Flood and stormwater mitigation measures

Why Clean Oceans Initiative 2.0 Matters

The urgency of COI 2.0 stems from alarming global projections. According to UN data, if current trends persist, the volume of plastic waste entering aquatic ecosystems could triple by 2040—reaching up to 37 million tonnes annually.

“Delivering on our initial target ahead of schedule demonstrates the power of partnership and collective action,” said EIB Vice-President Ambroise Fayolle. “We are expanding collaboration with local partners to deliver innovative solutions where they are needed most.”

With oceans absorbing over 90% of global warming-related heat and supporting biodiversity and livelihoods, tackling marine litter is a crucial environmental and economic imperative.

New Focus Areas in COI 2.0

While the first phase focused primarily on improving waste and water infrastructure, the new initiative will scale its impact through broader interventions including:

• Plastic waste prevention through upstream solutions

• Promotion of circular economy models

• Development and financing of alternatives to single-use plastics

• Measurable impact assessment through robust monitoring indicators

Strengthening Asia's Role

The entry of the Asian Development Bank (ADB) as a full partner signifies a major geographical and strategic expansion. ADB’s involvement is particularly important given that Asia is responsible for the highest volume of marine plastic leakage, largely due to rapid urbanization and poor waste management infrastructure.

“We’re proud to bring our regional expertise to COI 2.0,” stated an ADB spokesperson. “This collaboration enables us to scale meaningful interventions across Southeast Asia and the Pacific.”

Charting the Course Forward

As COI 2.0 progresses, the six development banks will work closely with local governments, community-based organizations, private sector innovators, and international NGOs to deliver impactful, science-based solutions. They aim to help regions most vulnerable to marine pollution—especially in the Global South—benefit from financing, knowledge transfer, and capacity building.

The Clean Oceans Initiative has emerged as the world’s largest multilateral effort focused exclusively on financing marine plastic pollution reduction. With the formal launch of COI 2.0, the initiative sets a powerful precedent for how development finance can lead environmental restoration at a planetary scale.