3 billion euros against plastic - International development banks step up efforts to curb pollution
A group of development banks plans to invest at least 3 billion euros by the end of the decade to tackle plastic pollution in the oceans, expanding their scope and financial power to tackle the growing problem.
The UN estimates that, on current trends, plastic waste entering water could triple to 37 million metric tons per year by 2040, from about 11 million tons in 2021.
A particular concern is the growth of microplastics, which have contaminated major oceans, as well as soil and air, finding their way into animals, plants and humans.
Launching the second version of the Clean Oceans Initiative, sources from the European Investment Bank said the amount could increase further as other partners join.
The initial initiative set out 4 billion euros in pledged investments between 2018 and May 2025, also involving French, German, Spanish and Italian lenders and the European Bank for Reconstruction and Development.
With a focus on better management of solid waste, wastewater and stormwater, projects in the initial phase included improving wastewater treatment in Sri Lanka, solid waste management in Togo and flood protection in Benin.
The project will then expand to target upstream waste sources, for example by helping to develop new forms of packaging and ensuring that more waste is recycled.
The bank can help reduce the risk of developing new technologies, packaging types and products by providing cheaper funding, grants or investments in third-party funds.
In addition, the program aims to work closely with development banks in other regions, particularly those operating in Asia and Latin America, both major sources of ocean debris.
In addition to the Asian Development Bank, which has already joined the second phase and is expected to offer strong local knowledge and contacts, talks are ongoing with the World Bank and the Inter-American Development Bank.
Countries will seek a deal in August to curb plastic pollution after failing to agree on one at December talks in Busan, South Korea.
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