— By Plasteurope.com staff — 

As recently announced by the European Investment Bank (EIB, Kirchberg, Luxembourg; www.eib.org), a coalition of public development banks has declared a renewed commitment to fighting marine plastics pollution with the launch of the Clean Oceans Initiative 2.0 (COI 2.0). The expanded programme, unveiled at the ongoing United Nations Ocean Conference in Nice, France (9-13 June), sets a new joint financing target of EUR 3 bn for 2026 to 2030.

In its statement, the EIB said that the urgency of these efforts is underscored by UN projections, which warn that the amount of plastics waste entering oceans could rise from 11 mn t/y in 2021 to as much as 37 mn t/y by 2040 if no action is taken.

The COI 2.0 builds on the success of the original Clean Oceans Initiative, launched in 2018 and extended in 2022, which reached its EUR 4 bn financing goal seven months ahead of its 2025 deadline, the EIB said. That funding supported a range of projects focused on reducing the discharge of plastics waste, microplastics, and other litter into the ocean. These included wastewater treatment upgrades in Sri Lanka, China, Egypt, and South Africa, solid waste management systems in Togo and Senegal, and flood control measures in Benin, Morocco, and Ecuador, the bank added.

“Delivering on our initial target ahead of schedule demonstrates the power of partnership and collective action,” said EIB vice-president Ambroise Fayolle.

Related: The Ocean Cleanup declares mission accomplished

The updated initiative broadens its scope, shifting from pollution mitigation to include upstream waste prevention and circular economy strategies. Future projects may involve developing alternatives to plastics and improving resource efficiency to reduce the volume of plastics entering aquatic ecosystems.

In addition to the EIB, the initiative is backed by the Agence Française de Développement (AFD), Kreditanstalt für Wiederaufbau (KfW), Cassa Depositi e Prestiti (CDP), the European Bank for Reconstruction and Development (EBRD), and, for the first time, the Asian Development Bank (ADB), which brings regional expertise in Asia – a key area for addressing ocean-bound plastics.

The EIB said that projects under COI 2.0 will be evaluated using scientifically robust indicators, with an emphasis on tracking results in plastics pollution prevention. The initiative continues to prioritise investment in coastal regions, particularly in Asia, Africa, and Latin America, where poor waste and water infrastructure in urban areas contributes significantly to marine litter, the institution added.

The lending institution of the EU explained that oceans play a crucial role in climate regulation and biodiversity, absorbing around 30% of global CO₂ emissions. Yet marine ecosystems and the livelihoods they support are increasingly threatened by plastics pollution – most of which originates from mismanaged land-based waste.