![]() Plastic collected through The Plastic Bank is recycled and sold at a premium as Social P-lastic®. The 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. (Below: Plastic Bank co-founder David Katz holds a TED Talk in which he outlines his aim to create a circular economy)ĭavid Katz: The Surprising Solution to Ocean Plastic Pollution Source: Ted.com Opportunities for local entrepreneurs to set up shops for the poor using plastic waste as currency Individuals who gather the plastic can trade it for money, items or services. To do this, The Plastic Bank provides a consistent, above-market rate for plastic waste, thus incentivising its collection. The Plastic Bank creates social and environmental impact in areas with high levels of poverty and plastic pollution by turning plastic waste into a currency. All while helping people living in poverty build better futures. This empowers recycling ecosystems around the world and stops the flow of plastic into our oceans. ![]() C ollectors can convert the plastic either into cash or other goods, such as cooking fuel, or vouchers that pay for schooling or mobile phone charging.īy enabling the exchange of plastic for money, items or Blockchain secured digital tokens, they reveal the value in plastic. They believe the only way to stop ocean plastic is to reveal the value in plastic by transferring as much of that value as possible directly into the hands of the collectors. The Plastic Bank is a root cause solution to prevent the flow of plastic into our oceans. It is The Plastic Bank’s mission to stop Ocean Plastic by gathering a billion people together to monetise waste while improving lives. That’s definitely the ambitious goal of social enterprise The Plastic Bank: a worldwide chain of stores where a whole range or goods and services are available for purchase in exchange for plastic trash. The Plastic Bank: monetising waste while improving lives The trash is then sorted, shredded and sold to big brands who reuse Social Plastic® in their products. Source: A Plastic Bank market and recycling shop Collectors bring trash from wherever they can find it and convert it into either cash or other goods and services, such as cooking fuel, or vouchers that pay for schooling or mobile phone charging. The US wasted about 33.6 million tons of plastic, and only 9.5% was recycled. Plastic is one of the greatest environmental challenges facing the whole world. It’s unlikely the habit can change overnight, though many vendors are happy to drop food or produce into your own container.īut isn’t just an Asia problem. In places like China and Vietnam, food and beverages are often packed directly into plastic bags as an easy form of transportation. The amount is enough to fill more than 1,000 Olympic-size swimming pools. ![]() Last year, a third of the 1.67 million tons of domestic waste disposed in Singapore consisted of packaging waste, primarily plastic bags and food packaging. From street vendors in Vietnam and Thailand to widespread food-delivery services throughout Asia, the amount of plastic used is phenomenal. According to Green Earth, Hong Kong alone goes through 5.2 million plastic water bottles per day. The best way to cut plastic waste is to cut consumption, but this might be the hardest habit for consumers in Asia to kick. Source: Facebook/BrightVibes The plastic packaging problemĪround 8 million tons of plastic end up in the oceans each year, with reportedly 80% coming from countries with extreme poverty. According to a 2017 report by Ocean Conservancy, five Asian countries China, Indonesia, Philippines, Thailand and Vietnam, dump more into the oceans than the rest of the world combined. Plastic Banks: Turning plastic trash into cash could save our oceans By enabling the exchange of plastic for money, items or Blockchain secured digital tokens, they reveal the value in plastic. ![]()
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