Business Wire India
Plastic Bank®, a social enterprise revolutionizing the global circular supply chain for recycled ocean-bound plastic, announced today it has reached a significant milestone of stopping one billion plastic bottles from entering the world’s oceans. This notable achievement marks Plastic Bank’s leadership in stopping ocean plastic while improving the lives of the world’s most vulnerable coastal communities.
One billion plastic bottles is the equivalent of more than 20 million kilograms of plastic that would have otherwise found its way into the world’s oceans. In reaching this milestone, Plastic Bank worked in partnership with more than 17,000 individual collectors across Haiti, the Philippines, Indonesia, Brazil and Egypt. In exchange for collected plastic, collectors receive premiums which help provide basic family necessities such as groceries, cooking fuel, school tuition and health insurance.
The material collected in Plastic Bank’s closed-loop recycling ecosystems is reborn as Social Plastic® – an ethically recovered plastic that protects our oceans and helps address poverty by transferring its value to those who help collect it. Once processed, Social Plastic can be reintroduced into the global manufacturing supply chain for the creation of new products and packaging materials.
“Plastic waste entering our oceans is one of our greatest global challenges. At a time when the world is calling for greater responsibility, this significant milestone is evidence of our ability to make deliberate environmental, social and economic impact,” said David Katz, founder and CEO of Plastic Bank. “The collection of one billion ocean-bound plastic bottles confirms we can reduce plastic waste while driving social progress through a circular economy.”
Global partners including SC Johnson, Henkel, Procter & Gamble, Coca-Cola, Coty, HelloFresh, Lombard Odier, Advansa, Carton Pack, Grove Collaborative, Ocean Bottle, Cognition Foundry, IBM, GoJek and PayMaya have helped support collection efforts in reaching the one billion bottle milestone. By championing the integration of Social Plastic back into the supply chain, Plastic Bank’s partners are supporting a regenerative plastics economy that is stopping ocean-bound plastic while improving the lives of collector communities.
Plastic Bank has more than 320 active collection branches across Haiti, the Philippines, Indonesia, Brazil and Egypt. With its sights already on collecting the next billion plastic bottles, Plastic Bank is planning to expand into Cameroon and Thailand in 2021.
About Plastic Bank
Plastic Bank® empowers the regenerative society. We are helping the world stop ocean plastic while improving the lives of collector communities. Plastic Bank builds ethical recycling ecosystems in coastal communities and reprocesses the materials for reintroduction into the global manufacturing supply chain. Collectors receive a premium for the materials they collect, which helps them provide basic family necessities such as groceries, cooking fuel, school tuition and health insurance. Plastic Bank’s Alchemy™ blockchain platform secures the entire transaction and provides real-time data visualization – allowing for transparency, traceability, and rapid scalability. The collected material is reborn as Social Plastic® which can be easily reintegrated into products and packaging as part of a closed-loop supply chain. Plastic Bank currently operates in Haiti, Brazil, Indonesia, the Philippines, and Egypt.
For more information visit plasticbank.com.