A coalition of major development banks is set to invest at least €3 billion ($3.4 billion) by 2030 to combat the escalating crisis of plastic pollution in the world’s oceans. The announcement came as the second phase of the Clean Oceans Initiative (COI) launched at a U.N. conference in Nice, France.
Spearheaded by the European Investment Bank (EIB) alongside French, German, Spanish, Italian lenders and the European Bank for Reconstruction and Development, the renewed commitment expands on the initial €4 billion deployed from 2018 to May 2025—well ahead of schedule.
The initiative aims to tackle the entire plastic lifecycle—from source to sea. While the first phase focused on wastewater treatment, solid waste management, and flood protection in countries like Sri Lanka, Togo, and Benin, the second phase will target upstream interventions. These include innovating packaging, reducing virgin plastic production, and boosting recycling systems.
Stefanie Lindenberg of the EIB emphasized the programme’s role in de-risking early-stage technologies and packaging solutions through concessional finance, grants, or investment in third-party funds.
With microplastics now saturating oceans, soil, air, and even human bodies, the U.N. warns that marine plastic pollution could triple to 37 million metric tons annually by 2040 if current trends persist.
The Asian Development Bank has already joined this global effort, with ongoing discussions involving the World Bank and the Inter-American Development Bank. These partnerships are crucial as the initiative seeks deeper engagement in Asia and Latin America—key regions in the ocean plastic crisis.
Efforts to reach a global treaty to curb plastic pollution are set to resume in August, after negotiations faltered at the December 2024 summit in Busan, South Korea.
Swifteradio.com
