The Plastic Bank

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Plastic Bank, a for profit organization founded in Vancouver, Canada in May 2013 by David Katz and Shaun Frankson[1], has the stated mission of reducing the amount of plastic waste in the environment while also helping to alleviate poverty in developing countries.[2] The organization has created stores in which impoverished people can exchange plastic waste for goods.[3]

Plastic Bank launched its first store in Haiti in 2015[4]. The social enterprise launched a store in the Philippines in 2016[5], followed by a store in Brazil.[6]

Plastic Bank sells the raw plastic waste it collects to companies. Those companies in turn use it to manufacture new products.[7]

Background[edit]

Every year, 8 million metric tons of plastic end up in the world’s oceans.[8] This is the equivalent of five grocery bags filled with plastic for every foot of coastline in the world.[9] The demand for plastic is expected to quadruple in production by 2050.[10]

Approach[edit]

Plastic Bank founders, David Katz and Shaun Frankson[11], devised a system to pay people for collecting plastic waste. Individuals bring collected plastic waste to Plastic Bank recycling collection centers[12], where the plastic waste is exchanged for goods or Blockchain secured digital tokens[13]. Plastic Bank's app is free to download and the blockchain system offers a way for locals to get paid outside of traditional currency.[13]

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.[14]

Program Areas[edit]

Plastic Bank currently operates in the Philippines, Haiti and Indonesia.[15] Store launches are planned in Ethiopia and India.[14]

External Links[edit]

References[edit]

  1. ^ Field, Anne. "Plastic Bank: Using Plastic Refuse To Create A Global Currency For The Poor". Forbes. Retrieved 2018-12-07.
  2. ^ "This company is using plastic waste to combat poverty". International Business Times UK. 2017-11-28. Retrieved 2018-12-07.
  3. ^ "Plastic Banks works to turn plastic trash into cash and other necessities for the world's poor". Public Radio International. Retrieved 2018-12-07.
  4. ^ "In Haiti, People Can Exchange Plastic for Money and Goods at the 'Plastic Bank'". Global Citizen. Retrieved 2018-12-07.
  5. ^ "Plastic Bank in the Philippines: Journeying with the Informal Plastic Recyclers". World Pulse. 2018-08-26. Retrieved 2018-12-07.
  6. ^ Laville, Sandra (2018-04-12). "The Brazilian villagers turning plastic pollution into profit". The Guardian. ISSN 0261-3077. Retrieved 2018-12-07.
  7. ^ lindsaywigo (2018-07-23). "You Can Bring Your Plastic Waste to This Store to Use as Currency". Good News Network. Retrieved 2018-12-07.
  8. ^ "Plastics in the Ocean". Ocean Conservancy. 2017-03-07. Retrieved 2018-12-07.
  9. ^ "Glass straws? Straw straws? Here are some eco-friendly alternatives to plastic". USA TODAY. Retrieved 2018-12-07.
  10. ^ "Plastic Bank". www.ibm.com. Retrieved 2018-12-07.
  11. ^ Angulo, Natalia (2016-01-09). "One Man's Plastic Waste is Another's Business Mission". FOXBusiness. Retrieved 2018-12-07.
  12. ^ 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.
  13. ^ a b "Ocean plastic is a huge problem. Blockchain could be part of the solution". NBC News. Retrieved 2018-12-07.
  14. ^ a b "How Blockchain Is Helping Plastic Bank Create a Global Economy of 'Social Plastic'". sustainablebrands.com. Retrieved 2018-12-07.
  15. ^ "Ocean Plastic Is a Huge Problem. Blockchain Could Be Part of the Solution". www.euronews.com. Retrieved 2018-12-07.