Plastic Bank is a root cause solution to prevent the flow of plastic into our oceans.
Plastic Bank creates social and environmental impact in areas with high levels of poverty and plastic pollution by turning plastic waste into a currency.
Plastic Bank provides a consistent, above-market rate for plastic waste, thus incentivizing its collection. Individuals who gather our plastic can trade it for money, items or services.
Plastic Bank also provides the ability for local entrepreneurs to set up and operate a convenience store for the poor, in which plastic waste is the currency.
Plastic collected through Plastic Bank is recycled and sold at a premium as Social Plastic®. Social Plastic® is Plastic Bank Verified plastic that provided a premium for the collector. The premiums are called Plastic Bank Rewards.
These rewards are distributed and authenticated through the Plastic Bank app which uses Blockchain technology to provide the safest and most trusted means to deliver a globally scalable social impact. Plastic credits will be given as Blockchain secured digital tokens.
Members include (see website)
- Fa Shampoo
- Marks & Spencers
- SC Johnson
“Plastic bank aims to provide large scale sustainable premiums in every recycling community around the world. This is how we stop ocean plastic.” Lindsay christianson – director business development
The 3R Initiative is backed by Swiss food giant Nestle, which owns Perrier and Vittel bottled waters, and French utility Veolia—aims to reduce, recover and recycle more plastic waste by helping companies measure and reach pollution-cutting goals.
The 3R initiative plans to create by 2021 tradable “plastic credits” to support recycling projects in developing nations, on similar lines to carbon offsets, although it aims to be more rigorous in setting rules for the credits, Baroody said
Projects that support recycling in developing countries will be vetted and registered and then issued with credits, according to the amount of plastic recovered or reused.
- The purpose of self-regulation is to avoid stringent legislation. The industry takes the lead to convince public opinion and politicians that the problem of plastic waste is being tackled. Sometimes self-regulation works better than legislation. It’s faster, more efficient and less red tape.
- Both initiatives are in the advantage of the recycling industry as they will benefit from an increase in the value of plastic waste.
- However, do you think these systems are open for fraud? Do you think they could lead to an an illegal trade of plastic waste?
- Do you think this is an open door for Western countries to export their waste to poor countries?
- Do you think it’s a smart move from the recycling industry to increase their profit?