Six public development banks have launched Clean Oceans Initiative 2.0 (COI 2.0), a renewed and expanded partnership with a financing target of €3 billion before 2030, dedicated to drastically reducing plastic pollution in the world’s oceans.
Launched in 2018 and extended in 2022, the Clean Oceans Initiative is the largest multilateral effort dedicated to funding projects that reduce plastic pollution at sea. In May this 2025–seven months ahead of schedule–the initiative met its target of €4 billion in long-term financing for public and private sector projects aimed at reducing discharge of plastics, micro-plastics and other litter into the oceans through improved management of solid waste, wastewater and stormwater.
Project examples include improved wastewater treatment in Sri Lanka, China, Egypt, and South Africa; solid waste management in Togo and Senegal; and flood protection in Benin, Morocco, and Ecuador.
The six development banks are Agence Française de Développement (AFD), European Investment Bank (EIB), Kreditanstalt für Wiederaufbau (KfW), Cassa Depositi e Prestiti (CDP), and European Bank for Reconstruction and Development (EBRD) and Asian Development Bank (ADB), which joins the initiative as a new member.
According to the United Nations, if current trends continue the amount of plastic waste entering aquatic ecosystems could triple—from around 11 million tons in 2021 to 23–37 million tons per year by 2040. The new phase of the Clean Oceans Initiative is the international financial community’s response to these challenges. COI 2.0 will maintain its focus on reducing marine litter, while increasing its impact by placing a stronger emphasis on waste prevention and supporting circular economy solutions, including projects that develop alternatives to plastic.
The Asian Development Bank joining the effort is significant since much of the ocean plastic comes from Asia.
Plastic pollution threatens marine ecosystems and the livelihoods of millions who depend on healthy oceans. Most ocean plastics originate from mismanaged waste on land, often carried by rivers due to inadequate waste collection and water treatment, especially in rapidly growing cities. Microplastics alone account for an estimated 1.5 million tons entering the oceans each year.
The Clean Oceans Initiative 2.0 focuses on projects in coastal areas that address plastic pollution entering the ocean, particularly in Asia, Africa, and Latin America, where inadequate waste and water management in major river systems remains a critical challenge.
