There are an estimated 150 million tons of plastic in the oceans and about 80 percent of that plastic comes from countries that can be considered as countries with extreme poverty. Individuals struggling to feed their families and send their children to school do not have time to worry about recycling and are often unaware of the effects of pollution on their surrounding environment. To address this issue, David Katz founded the Plastic Bank, a company that is using ocean plastic to end poverty.
The Plastic Bank- Using Ocean Plastic to End Poverty
The Plastic Bank aims to combine social and environmental impact by creating value out of plastic waste. Communities suffering from poverty usually do not have effective waste management programs and therefore any plastic products used by local families end up polluting the surrounding environment. By working with impoverished communities, the Plastic Bank helps set up stores in which the accepted currency is post-consumer plastics. This enables individuals to collect plastics and exchange them for money, goods and services.
This program has proven to be very successful in Haiti. A number of stores have been founded in which locals can bring used plastics to be weighed and checked for quality and then traded in for credit. The stores that are created and operated by locals offer various products and services, from food and water to school tuition and medical insurance to cell phone minutes and high-efficiency stoves.
Cooperation with Other Companies
In addition to offering a means of steady income, this credit system allows individuals to set up a savings account. Impoverished communities often rely on cash transactions and are therefore at a greater risk of corruption and theft. To solve this, the Plastic Bank teamed up with IBM to employ blockchain technology, removing money from the equation completely.
The Plastic Bank then sells the plastics collected to socially and environmentally conscious companies around the world. Brands like Marks and Spencer and Henkel use recycled plastic in their manufacturing. As a consumer, everyone can support poverty-reduction efforts and the environment by buying products made with these recycled plastics.
The Plastic Bank is continuing to expand its operations and is testing out other innovative solutions by using ocean plastics to end poverty, such as a bottle-deposit program in Vancouver in which all of the money collected from recycled plastics is sent to poor communities around the world. Another idea is to match churches in big cities with those in impoverished nations. For example, a church in London asking its members to bring in plastics and then, with the help of the Plastic Bank, sending the proceeds to a church in Cairo that is able to assist the members of its community suffering from poverty.
The Plastic Bank has formed a system in which plastic waste is given a value, offering individuals a means of income while incentivizing anti-pollution efforts. Not only is this program using ocean plastics to end poverty and to create jobs for locals living in poverty, but it also creates stores in which goods and services most needed by the community are available. As they continue to grow and implement new ideas, the Plastic Bank is supporting those suffering from poverty around the world while tackling a global pollution issue.
– Georgia Orenstein