In a decisive move to combat marine plastic pollution, six public development banks have launched Clean Oceans Initiative 2.0, expanding on the success of its first phase. At the United Nations Ocean Conference in the city of Nice, 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) together with the Asian Development Bank (ADB), which is a new member, set a financing target of €3 billion for the years 2026 to 2030.
First launched in 2018 and then extended in 2022, the Clean Oceans Initiative is a multilateral effort funding projects that reduce plastic pollution at sea. This is done through improvement management of solid waste, wastewater and stormwater, recognising the critical role of waste and water management in river systems, as the critical arteries that carry plastic from inland sources to the seas.
The Clean Oceans Initiative places upstream intervention at the heart of ocean protection. Most plastic originate on land and are carried by rivers because of inadequate waste collection and water treatment. The original initiative reached 4 billion euros of investments in May 2025. Examples of projects in the past include improved wastewater treatment in Sri Lanka, China, Egypt, and South Africa; flood protection in Benin, Morocco, and Ecuador, and solid waste management in Togo and Senegal.
The new iteration of the initiative will focus in particular in Asia, Africa, and Latin America, where critical challenges still exist concerning waste and water management. In this regard, the Asian Development Bank has already joined, bringing crucial regional expertise, and talks are ongoing with the World Bank and Inter-American Development Bank.
As the world braces for an increase in ocean plastic without urgent action, Clean Oceans Initiative 2.0 is a timely reminder that the journey to a clean ocean begins with clean rivers—and smart, sustainable water systems.
