In a press release published on October 12, 2018, the European Investment Bank (EIB) informed about the Clean Oceans Initiative that it has launched together with two other major financial institutions, namely the “KfW Group on behalf of the German Federal Government” and the Agence Francaise de Developpemnt (AFD). The goal of the new initiative is to “support the development and implementation of sustainable projects that will reduce pollution in the world’s oceans over the next five years.” Its scope is “global in nature,” but the main focus will be “on operations in riverine and coastal areas in developing countries in Asia, Africa and the Middle East.” 

The partnership will provide two billion euro for “long-term financing for projects aiming at reducing marine litter, especially plastics, as well as untreated wastewater discharge,” with financing structures adopted to “the needs of private enterprises of varying size, including micro-enterprises, and for research and innovation projects.” Specifically targeted sectors include, among others, “collection, pre-treatment and recycling of waste and particularly plastics,” as well as “support to plastic prevention measures.” 

Read more 

European Investment Bank (October 12, 2018). “Declaring war on plastic to safe our oceans: the world’s major climate financiers EIB, KfW and AFD launch a 2-billion euros initiative. (November 23, 2018). “European banks form “Clean Oceans Initiatie’ with projected EUR 2 bn funds.