Plastic Bank

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. 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. They currently have operations in the Philippines, Indonesia, Brazil, and Egypt, with plans to expand into Colombia and Vietnam in the coming years

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. 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.


 * Late-2013: First pilot collection center in Lima, Peru
 * March 2015: First full ecosystem launched in Haiti, following the success of the pilot program in Lima
 * September 2016: App development begins in partnership with IBM
 * November 2016: Expansion into the Philippines launched
 * November 2017: Partnership with Henkel announced
 * July 2018: Expansion into Indonesia launched
 * November 2019: Plans for Egypt expansion with Henkel announced

Impact
Plastic Bank claims that as of 2020, they have collected over 14,147,000 kg of plastic, 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

 * 2019: Prix Voltaire International Award.
 * 2019: Green Tech - Game Changer of the Year.
 * 2019: SDG Action Award - Connector.
 * 2018: Nature Inspiration Award.
 * 2017: UN Momentum for Change Award (COP23).
 * 2015: Sustania Community Award (COP21).
 * 2014: EO Global Citizen Award.
 * 2014: RCBC Environmental Award for Innovation.