Plastic Bank & creating a new currency
The Plastic Bank is a true innovation, and a holistic solution for saving our oceans from plastic pollution. Recognising that plastic waste is a human problem, not a waste problem, the founders set about developing a way to change how plastic is viewed. They came up with a solution whereby local residents living in poverty can collect plastic waste and use it as currency - exchanging it for cooking oil, phone charge, tuition for their children, or money - thereby preventing it from reaching our oceans. The plastic is turned into pellets that organisations can buy to use in their manufacturing, labelled 'social plastic' and thereby fully aligned with corporate social responsibility targets.
The Plastic Bank have come up with an idea that could see the perception around plastic waste change entirely: from a necessary evil, to a currency more valuable than gold - enabling those living in poverty to reclaim purpose, the ability to create an income and gather value from their own backyard - and ultimately saving the plastic from entering our most valuable life system and entering the food chain.