Cassa Depositi e Prestiti Leads €3 Billion Fight against Marine Pollution

Six Development Banks, with the recent inclusion of the Asian Development Bank, launched the Clean Oceans Initiative 2.0 (COI 2.0) with a financial commitment of €3 billion to drastically reduce marine plastic pollution. The initiative, which was originally launched in 2018, aims to reduce marine waste by emphasizing prevention, supporting the circular economy, and developing alternatives to plastic. Spanning 2026-2030, the initiative will introduce scientific indicators for impact measurement and will focus on coastal projects, particularly in Asia, Africa, and Latin America - regions challenged by waste management issues. COI 2.0 builds upon the success of its first phase, which achieved €4 billion in long-term financing by May 2022. This expanded effort reflects the international community’s response to the alarming increase in plastic waste, with initiatives previously improving wastewater treatment in several countries and solid waste management in others.