The Plastic Bank
Plastic Bank, a for profit organization founded in Vancouver, Canada in May 2013 by David Katz and Shaun Frankson, has the stated mission of reducing the amount of plastic waste in the environment while also helping to alleviate poverty in developing countries. The organization has created stores in which impoverished people can exchange plastic waste for goods.
Plastic Bank sells the raw plastic waste it collects to companies. Those companies in turn use it to manufacture new products.
Every year, 8 million metric tons of plastic end up in the world’s oceans. This is the equivalent of five grocery bags filled with plastic for every foot of coastline in the world. The demand for plastic is expected to quadruple in production by 2050.
Plastic Bank founders, David Katz and Shaun Frankson, devised a system to pay people for collecting plastic waste. Individuals bring collected plastic waste to Plastic Bank recycling collection centers, where the plastic waste is exchanged for goods or Blockchain secured digital tokens. Plastic Bank's app is free to download and the blockchain system offers a way for locals to get paid outside of traditional currency.
The recycling centers verify the recycled plastic as verified “Social Plastic,” designating it as ethically sourced. The Social Plastic is then sold to corporate clients.
- Field, Anne. "Plastic Bank: Using Plastic Refuse To Create A Global Currency For The Poor". Forbes. Retrieved 2018-12-07.
- "This company is using plastic waste to combat poverty". International Business Times UK. 2017-11-28. Retrieved 2018-12-07.
- "Plastic Banks works to turn plastic trash into cash and other necessities for the world's poor". Public Radio International. Retrieved 2018-12-07.
- "In Haiti, People Can Exchange Plastic for Money and Goods at the 'Plastic Bank'". Global Citizen. Retrieved 2018-12-07.
- "Plastic Bank in the Philippines: Journeying with the Informal Plastic Recyclers". World Pulse. 2018-08-26. Retrieved 2018-12-07.
- Laville, Sandra (2018-04-12). "The Brazilian villagers turning plastic pollution into profit". The Guardian. ISSN 0261-3077. Retrieved 2018-12-07.
- lindsaywigo (2018-07-23). "You Can Bring Your Plastic Waste to This Store to Use as Currency". Good News Network. Retrieved 2018-12-07.
- "Plastics in the Ocean". Ocean Conservancy. 2017-03-07. Retrieved 2018-12-07.
- "Glass straws? Straw straws? Here are some eco-friendly alternatives to plastic". USA TODAY. Retrieved 2018-12-07.
- "Plastic Bank". www.ibm.com. Retrieved 2018-12-07.
- Angulo, Natalia (2016-01-09). "One Man's Plastic Waste is Another's Business Mission". FOXBusiness. Retrieved 2018-12-07.
- Nolan, Grace (2018-11-07). "M&S joins forces with Plastic Bank to launch new eco bag". British Plastics and Rubber. Retrieved 2018-12-07.
- "Ocean plastic is a huge problem. Blockchain could be part of the solution". NBC News. Retrieved 2018-12-07.
- "How Blockchain Is Helping Plastic Bank Create a Global Economy of 'Social Plastic'". sustainablebrands.com. Retrieved 2018-12-07.
- "Ocean Plastic Is a Huge Problem. Blockchain Could Be Part of the Solution". www.euronews.com. Retrieved 2018-12-07.