German government-owned development bank KfW (Frankfurt; www.kfw.de), the European Investment Bank (EIB, Kirchberg / Luxembourg; www.eib.org) and French development agency Agence Franҫaise de Développement (AFD, Paris; www.afd.fr) have launched the “Clean Oceans Initiative” to reduce marine pollution in the next five years. The three institutions will provide funds of EUR 2 bn and combine their expertise to develop and implement sustainable projects around the world, also with a view to crowding-in private sector investment.

In addition, the initiative will provide creative financing structures that cater to the needs of private enterprises of varying size, including micro-enterprises, and for research and innovative projects. “We have been collaborating for some time on projects that reduce marine litter and the discharge of untreated wastewater. The Clean Oceans Initiative will step up and allow us to effect a quantum leap in these efforts,” said EIB president Werner Hoyer, adding that the three institutions have a “critical role to play.”

The project will especially focus on operations in riverine and coastal areas in developing countries in Africa, Asia and the Middle East. KfW said this is because 90% of plastics waste enters the oceans through 10 major river systems located in Africa and Asia where regular collection and disposal of waste is often lacking. Work will target several areas:

• collecting, pre-treating and recycling waste
• improving waste management in ports and harbours
• supporting plastic prevention measures and developing markets for recycled plastics
• building public awareness
• supporting the implementation of wastewater treatment plants

An estimated 8m t of plastics waste and microplastics are discharged into the world’s oceans every year, threatening marine ecosystems and the 3 bn people that depend on marine and coastal resources for their livelihoods. According to KfW, the market value of marine and coastal resources and industries is estimated at EUR 2,600 bn per year, about 5% of global GDP.