• Public development banks launch Clean Oceans Initiative 2.0 at the UN Ocean Conference, setting a new €3 billion financing target for 2026–2030 to tackle ocean plastic pollution.
• The original Clean Oceans Initiative reached its €4 billion financing target for plastic pollution reduction projects seven months ahead of schedule.
• COI 2.0 expands the partnership’s focus beyond pollution management to include waste prevention and circular economy solutions and welcomes new regional partner ADB to strengthen efforts in Asia.

Building on a shared commitment to marine sustainability, six public development banks today launched the Clean Oceans Initiative 2.0 (COI 2.0), a renewed and expanded partnership dedicated to drastically reducing plastic pollution in the world’s oceans. At the United Nations Ocean Conference in the city of Nice, Agence Française de Développement (AFD), European Investment Bank (EIB), Kreditanstalt für Wiederaufbau (KfW), Cassa Depositi e Prestiti (CDP), and European Bank for Reconstruction and Development (EBRD) together with the Asian Development Bank (ADB), which joins the initiative as a new member, set a financing target of €3 billion for the years 2026 to 2030.

Launched in 2018 and extended in 2022, the Clean Oceans Initiative is the largest multilateral effort dedicated to funding projects that reduce plastic pollution at sea. In May this year – seven months ahead of schedule – the initiative met its target of €4 billion in long-term financing for public and private sector projects aimed at reducing discharge of plastics, micro-plastics and other litter into the oceans through improved management of solid waste, wastewater and stormwater. Project examples include improved wastewater treatment in Sri Lanka, China, Egypt, and South Africa; solid waste management in Togo and Senegal; and flood protection in Benin, Morocco, and Ecuador.  

According to the United Nations, if current trends continue the amount of plastic waste entering aquatic ecosystems could triple—from around 11 million tonnes in 2021 to 23–37 million tonnes per year by 2040. The new phase of the Clean Oceans Initiative is the international financial community’s response to these challenges. COI 2.0 will maintain its focus on reducing marine litter, while increasing its impact by placing a stronger emphasis on waste prevention and supporting circular economy solutions, including projects that develop alternatives to plastic.

Some of the highest amounts of plastic enter the ocean in Asia, making it essential to join forces with local partners. The Asian Development Bank brings crucial regional expertise to the initiative and will be able to leverage projects in its area of action. Going forward, one of the objectives is to measure the impact of the enhanced initiative using scientifically robust and easy-to-apply indicators, especially in the areas of plastic pollution prevention.

“Delivering on our initial target ahead of schedule demonstrates the power of partnership and collective action,” said EIB Vice-President Ambroise Fayolle. “Through the Clean Oceans Initiative 2.0, we are expanding our collaboration with local partners to deliver innovative solutions where they are needed most. The EIB is committed to supporting projects that make a real and measurable difference, setting new benchmarks for impact as we continue our mission to keep plastics out of the world’s oceans.”

Background information

Oceans are vital to life on Earth, providing food, income, climate regulation, and natural resources for billions of people. They absorb about 30% of global carbon dioxide emissions, helping to buffer climate change.

Plastic pollution threatens marine ecosystems and the livelihoods of millions who depend on healthy oceans. Most ocean plastics originate from mismanaged waste on land, often carried by rivers due to inadequate waste collection and water treatment, especially in rapidly growing cities. Microplastics alone account for an estimated 1.5 million tonnes entering the oceans each year.

The Clean Oceans Initiative 2.0 focuses on projects in coastal areas that address plastic pollution entering the ocean, particularly in Asia, Africa, and Latin America, where inadequate waste and water management in major river systems remains a critical challenge.

EIB 

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

High-quality, up-to-date photos of our headquarters for media use are available here.

The European Institute of Innovation and Technology (EIT) and the European Patent Office (EPO) have shared a factsheet summarising the results of their ongoing cooperation on learning and knowledge-sharing initiatives. The 2024 joint work plan has successfully advanced this collaboration, building on the Memorandum of Understanding signed in 2022. 

Expanding Training and Knowledge Resources 

Building Better Government Software at Scale – Agile, DevSecOps and Software Factories

The next edition of the Industry Roundtable, titled ‘Building Better Government Software at Scale – Agile, DevSecOps and Software Factories’, will take place on 11-12 June 2025 in Warsaw, Poland, under the patronage of the Polish Presidency of the Council of the EU. The event will be organised in a hybrid format allowing for in-person and online participation. This iteration will focus on the benefits that new technology trends such as Software Factories – built upon the principles of Agile approaches and DevSecOps methodologies – can bring to the EU public sector organisations (both at MS and EU levels). The event will also feature presentations and discussions on new technological solutions that can help to achieve those benefits while addressing some of the pending challenges.

EU institutions are increasingly relying on digital solutions, which are often complex and require significant investment in IT and software development. To meet the fast pace of delivery, public sector authorities are adopting cutting-edge methodologies like Agile, DevSecOps, and Software Factories, as well as technologies such as cloud computing, automation, and AI.

Together, Agile, DevSecOps, and Software Factories, combined as well with other innovative IT practices such as cloud computing or AI-based tools, empower public institutions to build secure, efficient, and citizen-focused digital ecosystems while fostering trust and resilience across the Union.

About the Industry Roundtable

The eu-LISA Industry Roundtable is a collaborative platform that convenes representatives from the industry, Member States’ authorities, and EU institutions to facilitate an open dialogue on the latest technological advancements and innovations in the migration and home affairs domain. This forum enables eu-LISA stakeholders to share knowledge, exchange best practices, and discuss the potential applications and implications of emerging technologies, such as artificial intelligence, biometrics, and data analytics, in supporting the Agency’s mission to manage EU’s large-scale IT systems for migration, asylum, and border management. By fostering a spirit of cooperation and information-sharing, the eu-LISA Industry Roundtable helps to identify opportunities, address challenges, and shape the future of technology-enabled solutions in the field of migration and home affairs.

Speech by Christine Lagarde, President of the ECB, at the Blue Economy and Finance Forum in Monaco

Monaco, 7 June 2025

It is a pleasure to speak at the Blue Economy and Finance Forum.

In his 1857 poem “Man and the Sea”, Charles Baudelaire explored the deep kinship between the ocean and humanity.^[1] For Baudelaire, they were two forces drawn together by awe, fascination, and even conflict.

Today, that dynamic has taken on a new and troubling dimension. We rely on the ocean for climate stability and economic prosperity, yet we are fuelling a climate crisis that threatens to undermine the very system we depend on. We cannot let that happen.

Baudelaire described the sea as a “mirror” to the human soul. We now need to take a hard look in that mirror and ask ourselves: what can we do to stem the tide of this crisis, to safeguard our ocean and economy?

This morning’s two panel discussions will go a long way towards answering that question. But I would like to take this opportunity to open the plenary session with a few thoughts – about what is at stake, and what stakeholders can do about it.

The ocean’s importance for our climate and economy

The ocean is home to 95% of the planet’s biosphere.^[2] It spans environments as varied as sunlit coral reefs and pitch-black abyssal plains. And it supports an immense range of life, from countless microscopic organisms to the world’s largest animal, the blue whale.

Given the ocean’s richness, it is worth preserving in its own right. But its value does not end there – the ocean also benefits humanity in two vital ways.

First, it is one of the planet’s most powerful allies in the fight against climate change.

The ocean helps to regulate global temperatures by absorbing vast amounts of heat and redistributing it through major currents like the Gulf Stream. It is also the world’s largest carbon sink, reducing the amount of carbon dioxide in the atmosphere and helping to slow global warming.

The Intergovernmental Panel on Climate Change finds that the ocean has absorbed over 90% of the excess heat trapped in the earth’s system, as well as a third of the carbon dioxide that humans have emitted since the Industrial Revolution.^[3]

Second, a sustainable ocean serves as an important pillar supporting the global economy, providing for food security and economic opportunities.

Marine ecosystems support over three billion people who rely on fish for at least 20% of their animal protein intake. Indeed, this dependency is more pronounced in some of the least-developed countries, where seafood provides most of the animal protein consumed.^[4]

These ecosystems also help sustain employment opportunities. More than 150 million jobs depend on the production, trade and consumption of ocean-based goods and services, according to the United Nations.^[5] The ocean is also home to key natural resources, such as medicines and biofuels, which are vital for ongoing advances in healthcare and clean energy sectors.

So, there is a great deal at stake in preserving the ocean’s health.

The threat of climate change

But today we are placing the sustainability of our ocean under extraordinary stress, with serious implications for both our climate and economy.

Without the ocean’s capacity to absorb heat and carbon, we would have had to contend with a faster, even more dangerous pace of global warming. Yet there are now signs that this capacity is becoming strained.

The last ten years were the ocean’s warmest on record. Warmer oceans are driving more frequent marine heatwaves, which damage ecosystems, and have been a major contributor to rising sea levels due to the thermal expansion of seawater. The rate at which the global mean sea level is rising has more than doubled over the past three decades.^[6]

On top of this, the ocean’s absorption of carbon dioxide is driving acidification.

Combined with ocean warming, acidification is contributing to the bleaching and death of coral reefs, which are vital for supporting fisheries and protecting coastlines from storms. Since 2023 over 80% of the world’s coral reefs have been affected by bleaching.^[7]

We find ourselves in dangerous waters. Together, these changes could have profound consequences for the global economy.

Food security may be undermined, potentially leading to more volatile prices, which is a concern for central banks tasked with safeguarding price stability. And if coastal areas become unliveable due to rising sea levels or frequent flooding, people may be forced to move. More than 600 million people around the world live in coastal areas that are less than ten metres above sea level.^[8]

Stemming the tide

So, what can we do to stem the tide of these troubling developments? We may not be able to fully reverse the damage done, but we can work towards slowing its momentum, potentially even stopping it, by acting on two important fronts.

First, we need to protect. That means cutting greenhouse gas emissions decisively and keeping the goals of the Paris Agreement within reach.

If we succeed in doing so, we could limit sea level rise to around half a metre by the end of the century. That might not sound reassuring. But every tenth of a degree we avoid is a piece of coastline preserved, a reef protected or a storm surge weakened.

We also need to protect the natural systems that shield us from floods. Nature-based solutions – for instance, restoring mangroves, marshes and coral reefs – offer powerful, cost-effective defences against extreme weather. Coral reefs alone can reduce wave energy by an average of 97% while supporting fisheries, tourism and coastal livelihoods.^[9]

The second front is just as important: we need to prepare.

Whether we like it or not, climate-related risks are materialising. We need to adapt our infrastructure and economies to a more volatile world. That includes building sea walls and surge barriers and budgeting for resilience rather than reacting after disaster strikes.

Make no mistake: adaptation will be costly. According to UN assessments, costs could run into the hundreds of billions of dollars globally each year by mid-century.^[10] But the cost of inaction would be far higher. One study estimates that failing to keep global temperatures below two degrees above pre-industrial levels could lead to USD 14 trillion in global annual flood costs by 2100.^[11]

To meet this challenge, we need to catalyse finance for marine and coastal conservation – for instance, through innovative approaches that convert natural capital into financial capital.^[12]

This can be especially impactful for vulnerable countries with limited fiscal space. Above all, we must listen to the communities affected, treating their needs as a basis for our actions rather than an afterthought.

Let me conclude.

Baudelaire reminds us that the sea is a mirror of our own nature, which can either heal or harm.

So, let us choose to heal. That means nurturing the ocean’s rich diversity and facilitating finance to support innovative adaptation measures that build more resilient communities and a stronger global economy.

Thank you.