Asian Development Bank Joins Clean Oceans Initiative 2.0 for $3.4 Billion Funding Commitment

The Clean Oceans Initiative 2.0 (COI 2.0) was launched at the United Nations Ocean Conference in Nice by six public development banks, including the newly joined Asian Development Bank (ADB). The initiative aims to drastically reduce plastic pollution in the world's oceans, with a financial target of $3.4 billion for the period of 2026 to 2030. Initially launched in 2018, the Clean Oceans Initiative had previously reached its target of $4 billion ahead of schedule. The initiative supports projects aimed at managing solid waste, wastewater, and stormwater more effectively. Given the high levels of plastic entering oceans in Asia, the ADB's regional expertise is seen as critical for this renewed effort. ADB aims to bolster sustainable and resilient blue economies in Asia and the Pacific, marking an important step in integrating ocean health with broader economic development strategies.