€2bn finance for plastic sea litter projects

European financiers have committed €2bn for projects which tackle marine pollution, particularly plastics litter

European financiers have committed €2bn for projects which tackle marine pollution, particularly plastics litter.

As the annual meetings of the IMF and World Bank got underway in Indonesia, three of the world’s major climate financiers launched the Clean Oceans Initiative to support the development of new projects to reduce ocean pollution over the next five years.

The partnership of KfW Group, on behalf of the German Federal Government, the European Investment Bank (EIB) and the Agence Française de Développement (AFD), will provide €2bn for schemes to reduce marine litter and untreated wastewater discharge, with a view to crowding-in private sector investment.

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