Development banks pledge €3 billion to combat ocean plastic pollution
Development banks pledge €3 billion to combat ocean plastic pollution
A coalition of development banks plans to invest at least €3 billion ($3.4 billion) by 2030 to fight marine plastic pollution, marking a major expansion of global efforts to address the growing crisis.
The funding, part of the second phase of the Clean Oceans Initiative (COI), was launched as a U.N. conference opened in Nice, France.
Led by the European Investment Bank (EIB), the initiative also includes French, German, Spanish, and Italian lenders, alongside the European Bank for Reconstruction and Development. The original COI, which began in 2018, had already mobilized €4 billion by May 2025, ahead of its year-end goal.
Past projects focused on solid waste and wastewater management in countries like Sri Lanka, Togo, and Benin. In its next phase, the initiative will also target upstream waste sources by supporting the development of alternative packaging, improved recycling, and new technologies. The EIB says it may offer grants or low-cost funding to support innovation and reduce reliance on virgin plastics.
The programme plans closer collaboration with banks in Asia and Latin America—key regions contributing to ocean waste. Talks continue with the World Bank and Inter-American Development Bank, ahead of global negotiations on a plastic pollution treaty in August.
