NICE, FRANCE: A coalition of major development banks has pledged at least €3 billion (\$3.4 billion) by 2030 to fight ocean plastic pollution, in what remains the world’s largest coordinated initiative to tackle the crisis. The announcement coincides with the launch of the second phase of the Clean Oceans Initiative (COI) at a UN conference in Nice.
Led by the European Investment Bank (EIB) alongside French, German, Spanish, and Italian development banks and the European Bank for Reconstruction and Development (EBRD), the COI aims to stem the rising tide of marine plastic, which the UN warns could triple to 37 million metric tons annually by 2040 if left unchecked.
The first phase of COI mobilized €4 billion between 2018 and May 2025—exceeding its target ahead of schedule—with projects focusing on waste and water management in countries like Sri Lanka, Togo, and Benin.
The new phase will expand its scope to address upstream plastic sources, supporting innovations in packaging, recycling, and alternative materials. “We see a role for us in reducing virgin plastic and keeping materials in the system,” said Stefanie Lindenberg of the EIB.
The initiative plans to de-risk new technologies by offering grants, low-cost financing, and equity investments. It will also partner more closely with regional development banks, particularly in Asia and Latin America—regions heavily affected by plastic waste.
The Asian Development Bank has already joined the initiative’s second phase, with talks ongoing with the World Bank and Inter-American Development Bank.
Global negotiations to create a binding treaty on plastic pollution are set to resume in August, after failing to reach consensus at a summit in Busan last December.
By Reuters
