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Open an account at the Plastic Bank

| August 19, 2014 | 0 Comments

By now, all environmentally conscious citizens should know about the Great Pacific Garbage Patch, one of several growing islands of discarded trash killing off marine life in our oceans.

A Vancouver, Canada-based non-profit organisation aims its solution directly at developing nations that lack the tax revenue to deal with plastic pollution. The Plastic Bank offers entrepreneurship and education opportunities to people who bring in their used plastic items to be recycled.

The first Plastic Bank branches opened in Colombia and Peru in May this year. CEO David Katz, who in 2013 won the 2013 US-based Entrepreneur’s Organisation Global Citizen of the Year, believes that the bank will spawn competitors and create more global recycling.

Plastic is the bank’s currency. Recyclers accrue ‘credits’ by bringing in recyclables and using the on-site 3D printing facility to print and make, say, water pumps to increase access to clean water in their communities. The materials used to make the items are created from polymers made by the bank’s key partner, MBA, a giant in the recycling business.

To increase its perceived value, Katz and co call recyclable trash “social plastic”. “It’s important that it’s profitable, so that everybody sees that there’s value, and the more value, the less likely they are to discard that,” says Katz, adding that the bank is a powerful way for consumers to improve the planet through their purchase power.

“The Plastic Bank’s goal is to lead the movement towards a worldwide demand for the use of social plastic in everyday products,” explains Katz. “The higher the demand becomes, the higher the reward will be for harvesting social plastic. “Where there is poverty and waste plastic in the world, there will be a Plastic Bank someday.”

Category: Spring 2014

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News posts added for Independent Education by Global Latitude DMA

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