Plastic Bank Explained

Plastic Bank
Type:Privately held company
Industry:Environmentalism
Founded:2013, in Vancouver, BC, Canada
Founder:David Katz and Shaun Frankson

Plastic Bank is a for-profit social enterprise founded and based in Vancouver, British Columbia, that builds recycling ecosystems in under-developed communities in an effort to fight both plastic pollution in oceans, as well as high poverty levels in developing countries.[1] [2] The company allows people living in poverty to collect plastic and trade it for goods and services including school tuition, medical insurance, pharmaceutical access, internet access, and cooking fuel, with the aim of adding more benefits to their program in the future. Plastic Bank reprocesses collected plastics for reintroduction into the supply chain.[3] They currently have operations in the Philippines, Indonesia, Brazil, and Egypt, with plans to expand into Colombia and Vietnam in the coming years[4] [5]

History

Plastic Bank was founded in 2013 by David Katz and Shaun Frankson. Their idea was to transform plastics into a form of currency for impoverished peoples.[6] Katz initially came up with the concept at an arcade, where people would trade in tickets for prizes. He adapted this idea to create a system in which that same kind of value would be applied to what people discard, effectively creating a currency, tradable for material goods or services.[7]

Impact

Plastic Bank claims that as of 2020, they have collected over of plastic,[14] through over 21,000 collectors in their 4 countries. The company claims that this figure for plastic is equivalent to over 707,367,900 plastic water bottles, 1.5 million plastic coffee cup lids, and 500 million plastic straws

Plastic Bank has introduced collection bins into school environments to help students practice recycling early on. They also employ “Plastic Bank Ambassadors” to promote environmental education in Haiti

Awards

Notes and References

  1. Web site: Barbaschow. Asha. Plastic Bank treating plastic like currency to tackle waste and poverty. 2020-09-02. ZDNet. en.
  2. Web site: The Plastic Bank - Heroes of the Sea. 2020-09-02. heroesofthesea.com. en.
  3. Web site: 2019-08-18. What if We Turned Plastic Waste into a Valuable Currency?. 2020-09-02. Ever Widening Circles. en-US.
  4. Web site: Tom Page. We're throwing away a fortune in plastic every year. This company is cleaning up. 2020-09-02. CNN. 15 November 2019 .
  5. Web site: 2020-02-19. EGYPT: Henkel joins forces with Plastic Bank to recover plastic waste. 2020-09-02. Afrik 21. en-US.
  6. Web site: 2015-11-20. Entrepreneur looks to reduce both plastic waste and poverty. 2020-09-02. plasticstoday.com. en.
  7. Web site: adove. 2013-07-12. Changing plastics into currency. 2020-09-02. www.royalroads.ca. en.
  8. Web site: Peru's Plastic Banks Turn Waste Into Currency. 2020-09-02. Pop-Up City. en.
  9. Web site: Diotte-Lyles. Rachel. 2019-12-16. The Plastic Bank. 2020-09-02. thegrassrootsjournal. en.
  10. Web site: The Plastic Bank: Banking what the sea spits back. 2020-09-02. Project Breakthrough. en.
  11. Web site: History. 2020-09-02. Plastic Bank. en-US.
  12. Web site: Henkel. Transforming waste into opportunity. 2020-09-02. www.henkel.com. en.
  13. Web site: Henkel. Henkel extends partnership with Plastic Bank. 2020-09-02. www.henkel.com. en.
  14. Web site: Our Impact Stop Ocean Plastic & Reduce Poverty with Plastic Bank. 2020-09-02. Plastic Bank. en-US.
  15. Web site: 2019. 2020-09-02. Prix Voltaire International. en.
  16. Web site: Aless. About the Author /. Besse'. ro du. 2019-06-05. The 2019 Green Awards: Innovation For a Sustainable Future. 2020-09-02. Impakter. en-US.
  17. Web site: 2019 ENTRIES. 2020-09-02. SDG Action Awards. en-US.
  18. Web site: 2018 Award Winners: Nature Inspiration Awards Canadian Museum of Nature. 2020-09-02. www.nature.ca.
  19. Web site: 2017-07-18. UN Momentum for Change Award (COP23). 2020-09-02. Plastic Bank. en-US.
  20. Web site: Eco-Business. Game-changers honoured at Sustainia Awards 2015. 2020-09-02. Eco-Business. en.
  21. Web site: Revealing the Value of People - March 2015 - Entrepreneurs' Organization. 2020-09-02. www.eonetwork.org. en-US.
  22. Web site: rcbc. 2010-02-02. Previous RCBC Award Winners. 2020-09-02. Recycling Council of British Columbia. en.

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