The Clean Oceans Initiative (COI), a collaborative effort established by the European Investment Bank, Agence Française de Développement (AFD), and KfW, embarked on a mission in October 2018 to mobilize €2 billion by 2023 for projects aimed at reducing ocean plastic waste. This initiative arises from the dire need to address the menace of around 8 million tonnes of plastic waste and 1.5 million tonnes of microplastics that find their way into the oceans annually, posing threats to marine ecosystems and communities dependent on marine resources. The broader vision behind the COI is to contribute towards sustainable development and poverty alleviation by ensuring healthier oceans, which are vital for livelihoods and act as a buffer against global warming by absorbing a significant portion of carbon dioxide emissions.

As of February 2023, the initiative has notably progressed, with €2.6 billion already invested in 60 projects across Africa, Asia, Latin America, and Europe, thus exceeding the initial financial target. These projects, projected to benefit over 20 million people, signify a strong commitment towards combating plastic pollution and fostering ocean health. The initiative has not only garnered financial commitments but also attracted additional partners, expanding its reach and potential impact on global ocean conservation efforts.

The ambitious journey of the COI witnessed a significant milestone during the One Ocean Summit in Brest, where the founding institutions, along with new partners, pledged to double the financial target to €4 billion by 2025. This augmented commitment reflects a growing recognition of the ocean conservation imperative and an enhanced willingness among international stakeholders to invest in combating marine pollution. This development has certainly propelled the initiative into a new phase, enabling a broader spectrum of projects and a wider geographical impact in the battle against ocean pollution.

The Clean Oceans Initiative stands as a testament to the power of multinational cooperation in addressing global environmental challenges. With a revised target of €4 billion, a broadening coalition of partners, and an expanding portfolio of projects, the initiative underscores a collective resolve to mitigate the ocean plastic menace and promote marine health. Through significant financial commitments and collaborative efforts, the Clean Oceans Initiative is playing a pivotal role in steering the global agenda towards cleaner oceans and sustainable marine ecosystems.