Development Banks Commit €3 Billion to Fight Ocean Plastic by 2030

Key Impact Points:

• Development banks will invest at least €3 billion ($3.4B) by 2030 through the Clean Oceans Initiative to combat ocean plastic pollution.
• The initiative is expanding from downstream waste management to upstream innovation in packaging and recycling technologies.
• Key partners include European and Asian development banks, with ongoing talks to include the World Bank and Inter-American Development Bank.

€3 Billion Push to Stem the Tide of Plastic Pollution

A coalition of development banks has pledged at least €3 billion ($3.4 billion) by 2030 to address plastic pollution in oceans—marking the world’s largest coordinated investment effort to tackle the crisis.

The announcement came as the second phase of the Clean Oceans Initiative (COI) was launched at the U.N. Ocean Conference in Nice, France. Led by the European Investment Bank (EIB), the expanded initiative aims to curb the rising tide of plastic waste entering waterways, which the U.N. estimates could triple to 37 million metric tons annually by 2040.

“We see that there is a role for us,” said Stefanie Lindenberg, the EIB’s project lead. “To reduce the amount of virgin plastic that is needed or, at least, can be kept in the system.”

Scaling Up Solutions Across the Waste Lifecycle

The COI’s original phase, launched in 2018, invested €4 billion—exceeding its target ahead of a 2025 deadline. Projects ranged from wastewater treatment in Sri Lanka to flood protection in Benin, focusing on solid waste, stormwater, and wastewater infrastructure.

The new phase maintains that focus while shifting upstream—supporting innovation in packaging, recycling systems, and new materials. According to Lindenberg, the EIB is exploring risk-sharing strategies to fund emerging technologies, including low-cost capital and grants.

“The bank could help lower the risk of developing new technologies, types of packaging and products,” she said.

Global Partnerships in Asia and Latin America

The initiative is widening its geographic scope, with the Asian Development Bank already on board to provide regional expertise. Discussions are ongoing with the World Bank and Inter-American Development Bank to deepen the pipeline of investable projects, especially in ocean-polluting regions.

Ambroise Fayolle, EIB Vice President, emphasized that the expansion reflects a deeper commitment: “We are accelerating efforts to fight plastic pollution across the full value chain—from source to sea.”

Next Step: A Global Plastics Treaty?

The renewed investment drive adds momentum ahead of international negotiations in August to secure a binding global agreement on plastic pollution—after talks stalled last December in Busan, South Korea.

As microplastics continue to contaminate oceans, soils, air, and even human bodies, development banks say financial firepower must align with long-term systemic solutions.