By Abdullahi lukman
A coalition of development banks has announced plans to invest at least 3 billion euros ($3.4 billion) by 2030 to address plastic pollution in the world’s oceans, expanding the largest global initiative targeting this environmental crisis.
The commitment was unveiled as the second phase of the Clean Oceans Initiative (COI) launched alongside a U.N. conference in Nice, France.
The U.N. warns that without intervention, plastic waste entering oceans could nearly triple—from 11 million metric tons in 2021 to 37 million metric tons annually by 2040.
Microplastics, which have infiltrated oceans, soil, and air, pose a growing threat to wildlife and human health.
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The original COI, involving the European Investment Bank (EIB), French, German, Spanish, and Italian lenders, plus the European Bank for Reconstruction and Development, pledged 4 billion euros between 2018 and May 2025.
Its initial projects focused on improving solid waste, wastewater, and stormwater management in countries including Sri Lanka, Togo, and Benin.
The next phase will broaden its focus to upstream solutions, such as developing innovative packaging and enhancing recycling efforts to reduce virgin plastic demand.
Stefanie Lindenberg, EIB’s project lead, highlighted the role of development banks in lowering risks for new technologies by offering affordable funding, grants, and investments.
The initiative also aims to collaborate with banks in Asia and Latin America—regions that contribute significantly to ocean plastic waste.
The Asian Development Bank has already joined the second phase, with ongoing talks involving the World Bank and Inter-American Development Bank to strengthen local expertise and project pipelines.
