After just its first year of operation, the Clean Oceans Initiative has provided more than €700 million long-term financing for projects to reduce and recycle marine litter and waste collected on land - a third of its target of €2 billion in public and private sector projects over 5 years.
The IMF/World Bank Group, the Agence française de Développement (AFD), the European Investment Bank (EIB) and KfW Group (on behalf of the German Federal Government) announced this on 20 October in Washington, D.C., with an update on progress. On the same day, the ICO (Spanish Promotional Bank) announced that it was joining the Initiative.
The Clean Oceans Initiative identifies projects that fight plastic waste in rivers, seas and on land, with a particular focus on riverine and coastal areas in developing countries in Asia, Africa and the Middle East.
Projects supported so far include improved sanitation in Ratmalana and Moratuwa, Sri Lanka, Solid waste management in Lomé, Togo, stormwater management and flooding in Cotonou, Benin, Water and sanitation in Buenos Aires, Argentina, wastewater management in Cape Town, South Africa, and green urban financing and innovation in the Yangtze River Delta in China.
"We will not solve the global climate and environment crisis without protecting and cleaning up the world’s oceans. To achieve this, partnership is key. That is why we are working with KfW and AFD, as well as governments, cities and the private sector, to finance projects that support the health of our oceans", commented EIB President Werner Hoyer in a statement.
The KfW Director stressed the importance of going further with the Joint Initiative on Circular Economy, launched in July by various European partners and going beyond recycling, with funding of €10 billion. (Original version in French by Aminata Niang)