With some 8 million tons of plastic waste flowing into the oceans every year and more than two billion people around the world lacking adequate waste collection systems, the plight of the oceans has never been greater.
Launched to respond to this planetary emergency, the target for the Clean Oceans Initiative has just been doubled to provide €4 billion in financing by the end of 2025. That’s the announcement made today at the One Ocean Summit in Brest in northwest France by its founders, the European Investment Bank, together with the French and German development banks — Agence Française de Développement (AFD) and KfW.
They were recently joined by Cassa Depositi e Prestiti (CDP), the Italian financial institution for development, and Instituto de Crédito Oficial (ICO), the Spanish promotional bank, as well as the European Bank for Reconstruction and Development.
What are the results so far? As you’ll see in the video below, highlights range from improved sewerage systems in Sri Lanka and boosted storm water management in Benin to better wastewater treatment in Egypt.