Plastic Bank Glossary
Social Fintech
A financial technology enterprise that aims at solving (or at least having a positive impact on) social problems while ensuring access to financial services and products for the unbanked.
Gathered plastic
Discarded plastic materials gathered from the environment by our collection communities. This can include but is not limited to, collection from beaches, rivers, streets, neighbourhoods, businesses, schools, places of worship, community centres, and wherever materials accumulate.
Stopping Plastic Pollution
The act of gathering discarded plastic from the environment.
Mismanaged Waste
The sum of discarded materials that are either littered or lack proper waste management systems, resulting in a high risk of polluting the environment.
Social Extended Producer Responsibility (EPR)
Contribution of EPR compliance in creating social impact for collection communities.
Extended Producer Responsibility (EPR)
Extended Producer Responsibility (EPR) is a strategy that holds producers accountable for the environmental impact of their products throughout the product’s lifecycle. This includes not only the manufacturing phase but also the use and disposal phases. EPR policies aim to encourage responsible product design, promote recycling initiatives, and reduce the financial burden on the government and taxpayers for waste management.
Economic Impact
The positive effect of gathering discarded plastic from the environment on the global supply chain, employment, and the creation of income opportunities for communities. Measured by the number of collection communities, members, partner organizations and brands.
Social Impact
The positive effect of gathering discarded plastic from the environment on collection communities. Measured by the additional income generated from recycling and the social benefits offered.
Environmental Impact
An amount of discarded plastic gathered. Measured in kilograms of discarded plastic stopped from polluting the environment, and its equivalence in the number of bottles.
Plastic Footprint
The total volume of plastic that an entity contributes to the world’s plastic waste in a given time period.
Processor
A processing facility that recycles gathered plastic into recycled feedstock for reuse in products and packaging.
Community Partnership
A relationship with a local community-based organization that empowers the collection and exchange of discarded plastic.
PlasticBank® app
Plastic Bank’s proprietary app, backed by its blockchain-secured platform, enables traceable collection, secures income, and verifies reporting.
Social Plastic® feedstock
Recycled plastic feedstock that is reprocessed and reintegrated into products and packaging by Plastic Bank partner organizations and brands for positive social, environmental, and economic impact.
Collection Benefits
Income and social benefits earned by collection communities, including health, work and life insurance, digital connectivity, grocery vouchers, school supplies, and fintech services.
Plastic Credit
The verified assignable value to stop one traceable kilo of discarded plastic from polluting the environment, redeemable in local currency.
Market Value
The price at which buyers and sellers would trade a certain type of plastic in a competitive auction setting.
Collection Branch
A Plastic Bank-certified location where collection community members can verify and exchange their plastic collection. They may also perform preprocessing such as cleaning, sorting, and bailing.
Collection Community Member
A registered member of the collection community that gathers discarded plastic from the environment.
Collection Community
A community of registered Plastic Bank collection members and branches that gather discarded plastic from the environment.
About Plastic Bank
What is a social enterprise?
As defined by Investopedia, a social enterprise or social business is defined as a business with specific social objectives that serve its primary purpose. Social enterprises seek to maximize profits while maximizing benefits to society and the environment, and the profits are principally used to fund social programs.
We chose a social enterprise model because we feel it is the best way to create sustainable change by harnessing the power of business and entrepreneurship as a force for good in the world.
Is Plastic Bank a non-profit?
We are a for-profit social enterprise. We re-invest the majority of our profits into our collection benefits, development and maintenance of recycling infrastructure, and technology development for material traceability for a greater social, environmental, and economic impact.
Can Plastic Bank share some general sustainability facts we can leverage?
Check out the Plastic Bank blog to learn more about poverty, plastic pollution, and how humanity can overcome both.
How can I reduce my Plastic Footprint and contribute?
The first step is to start where you are with what you have. Here are some recommendations to get you started:
- Find out how much plastic you consume through our Plastic Footprint Calculator, then take steps to reduce your footprint with one of our Impact Certificates. Begin with small changes that can make a big impact.
- Avoid single-use plastic. Choose reusable containers and bottles instead.
- Buy groceries in bulk to reduce plastic packaging waste.
- Talk to your local grocers and look for products that are helping to restore the damage that’s been done to our environment.
- Check out our Partnership Programs to find out how your business can get involved.
What is a plastic footprint? How do I calculate it?
A plastic footprint is the amount of plastic an individual, family, workforce, product or brand of products uses and disposes of in a specific period of time. The average plastic footprint of an individual is 84 kilograms each year. Check out our Plastic Footprint Calculator to find out how much you use and dispose of, then take steps to reduce your footprint through small changes that can make a big impact.
How can I engage my school or place of worship to be part of the solution?
Through our Community Partnership Program, we collaborate with schools, places of worship, establishments, and institutions to spread awareness about plastic pollution and the Plastic Bank solution. We set up accessible dropboxes on premises where your community can drop plastic from their homes for recycling. The schools, places of worship, establishments, and institutions then exchange the plastic for income to help launch and fund social services programs for the larger community. Contact Us if your community is interested in partnering with us.
How can I bring Plastic Bank to my country?
Visit the Contact Us page and select “Help to Bring Plastic Bank to My Country”. You can also sign up for our newsletter to stay updated about our new initiatives.
How much discarded plastic has Plastic Bank stopped from polluting the environment?
The most up-to-date figures can be found at plasticbank.com.
What do you do with the plastic after it’s collected?
The plastic collected through our collection communities is delivered to our processing partners for reprocessing into Social Plastic® feedstock and reintegrated into products and packaging by partner organizations and brands.
Why are you called a bank?
We reveal the true economic value of plastic, making it too valuable to be left in the environment. In doing so, we’ve created a system for plastic exchange similar to any other currency exchange. Our PlasticBank® app uses fintech and blockchain technology to securely execute plastic transactions. The app’s digital wallet is often the first savings account that our members own. For those reasons, we call ourselves Plastic Bank.
Explain the work you do and what communities benefit?
Plastic Bank identifies vulnerable coastlines at the intersection of plastic pollution and poverty across the world that would benefit from plastic collection infrastructure. We then empower local entrepreneurs to establish collection branches in convenient locations, and help gather collection communities together to collect discarded plastic from the environment. Collection community members exchange their collections at the branch for additional income and access to social benefits, helping them to pave a path out of poverty. Collection members and collection branches are registered through the PlasticBank® app that records every transaction, enables traceable collection, secures income, and verifies reporting.
Does Plastic Bank collect the ocean plastic pollution for recycling?
We believe that plastic shouldn’t flow into the ocean to start with, and before we can effectively clean plastic debris from the ocean, we must turn off the tap to single-use plastic. That is why we gather discarded plastic from the environment within 50km of the ocean, or ocean-bound waterway.
How do you choose which countries to expand into?
Plastic Bank operates in countries with high rates of plastic pollution and poverty. Many such countries lack proper waste management infrastructure and have a greater dependency on single-use packaging for clean and sterile goods. This results in a disproportionate amount of plastic pollution.
What are partner-based expansions?
Leveraging Plastic Bank’s success in activating collection communities across the Philippines, Indonesia, Brazil, and Egypt, Plastic Bank began to test its partner-based expansions in January 2022 by opening in Thailand. In this model, we enter into a strategic alliance with a local qualified processor to build ethical collection communities in different parts of the globe. The local qualified partner sets up Plastic Bank’s operations and implements our collection model using the PlasticBank® app. This model allows us to scale our solution faster. The deployment of this model is currently underway in Thailand with EcoBlue Limited.
What countries do you operate in?
We currently operate in the Philippines, Indonesia, Thailand, Brazil, and Egypt.
Where is Plastic Bank headquartered?
Our headquarters is located in Canada, in the beautiful city of Vancouver, British Columbia. Our HQ acts as a central hub for our fully remote, globally distributed workforce.
When was Plastic Bank founded?
Plastic Bank was founded in May 2013 by David Katz and Shaun Frankson.
“I think the real gift of that day was the realization that I didn’t need to create Plastic Bank. I needed to become the person who could. It was really a spiritual day of awakening for me. There was a still, quiet voice, unattached to outcome, and meaning. It was a space that said, ‘You can become the person who makes change in the world.’”
- David Katz, on the moment he conceived Plastic Bank just before lunch on May 9, 2013.
What is Plastic Bank’s mission, vision, and values?
Our Vision
We envision a wasteless and better world where everyone is a changemaker.
Our Values
Love(v)
Serve life
Reveal
Seek value
Gather
Bring together
Create
Breathe into existence
Our Mission
Empower a human-to-human movement that reveals value in waste to end poverty.
Our Policies
Child Labour Policy
Please find our Child Labour Policy here.
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Anti-Discrimination Policy
Please find our Anti-Discrimination Policy here.
Electronic Communications Policy
Please find our Electronic Communications Policy here.
Privacy Policy
Please find our Privacy Policy here.
Cookies Policy
Please find our Cookies Policy here.
GDPR Policy
Please find our GDPR Policy here.
Sanctions Policy
This policy is a part of our Terms of Use here. By using any of our Services, you agree to this policy and our Terms of Use.
Code of Conduct
Please find our code of conduct here.
Partnerships
What are Impact Programs?
Impact Programs enable businesses to offset their plastic footprint by purchasing plastic collection credits that contribute to the certified collection of plastic and help collection community members.
Why did Plastic Bank decide to transition to the claims of ‘Plastic Net-Zero’ rather than ‘Plastic Neutral’?
Plastic Bank conducted a quantitative consumer study surveying 1,700 respondents in the US in November 2021. Concept testing was conducted to identify the most impactful claims which were relevant, unique and driving purchase intent. Both Plastic Neutral and Plastic Net Zero were tested amongst several others. Plastic Net-Zero was ranked higher than Plastic Neutral on appeal, uniqueness, relevance, and purchase intent. Consumer verbatims showed that this claim was preferred as it was believed to be more action-oriented and connoted that organizations are taking responsibility to help reduce plastic pollution.
What does Plastic Net Positive mean?
Plastic Net Positive is defined as an offset of 1.5x the plastic footprint. An individual, business, product or product line can achieve this by purchasing plastic collection credits from Plastic Bank equal to 1.5 times the amount of plastic used, during a specified period of time.
What does Plastic Net-Zero mean?
Plastic Net-Zero is defined as a zero-sum plastic footprint. An individual, business, product or product line can achieve this by purchasing plastic collection credits from Plastic Bank equal to the amount of plastic used, during a specified period of time.
What are Plastic Credits?
The verified assignable value to stop one traceable kilogram of discarded plastic from polluting the environment, redeemable in local currency. Plastic Bank assigns unique ownership of the entire transaction chain, from the member who collects the plastic to the processor who recycles it. This offers traceability of collection bonuses awarded to members, confirms material recycling at our processor partner facilities, and offers proof of social impact. Every transaction has a unique claim ID number that can only be owned by one purchaser. A plastic credit transfers the ownership of that transaction and the associated environmental and social impact.
PlasticBank® App
How do members make sure their plastic collections are recorded properly by the collection branch?
Collection community members can view a record of their transactions with their collection branch in the Exchange History tab within their PlasticBank® App account.
In addition, the PlasticBank® app and our internal auditing processes ensure that the right people are paid the right amounts at all times.
Do you have any third-party certification?
Plastic Bank has received the following recognitions:
- Upgrade from Bronze to Silver Sustainability rating by Ecovadis – The EcoVadis rating is awarded to companies that meet rigorous sustainability standards in four key areas: environment, labour and human rights, ethics, and sustainable procurement. Receiving a silver rating from EcoVadis means that a company has scored between 45 and 64, indicating that Plastic Bank has demonstrated a commitment to sustainability by integrating sustainability into its strategy and operations and has established policies and management systems to address sustainability risks and opportunities.
- Global Recycled Standard Certification – Global Recycled Standard (GRS) is a voluntary, international certification that verifies the content of recycled materials in a product. The certification requires companies to meet strict criteria such as tracking and verifying the amount of recycled materials used in their products, and proving that the materials are sourced responsibly and adhere to social and environmental criteria. We are compliant with Textile Exchange’s Global Recycled Standard.
Learn more in our blog post.
How does the PlasticBank® app serve as a means for traceability of collected plastic from the time of exchange all the way to store shelves as products and packaging made with Social Plastic®?
Plastic Bank can provide real-time, audit-ready traceability for Social Plastic® feedstock and Plastic Credit Offsets with 18+ age-verified registered members. This is enabled through certified PlasticBank® app enabled locations throughout our supply chain, from input to output, in multiple countries at scale.
The PlasticBank® app is used to record the details of every exchange from our registered collection members to our collection branches, all the way to delivery at the processor partner who recycles and ships the materials for manufacturing. When the branch delivers the collected plastic to our processing partner, the processor issues a printed receipt showing the type and volume delivered to them. The PlasticBank® app and the Plastic Bank team validate the material received with the app recordings to unlock the bonus payments throughout the plastic chain.
We continuously invest in and leverage our multi-user, multi-function PlasticBank® app technology platform to ensure everything we do is built for trust at scale.
Are the personal details of the members and digital tokens safe and secure in the PlasticBank® App?
The PlasticBank® app is built with GDPR compliance by design to always ensure the highest level of data security and data privacy. Plastic Bank has a global policy to hold each country of operation to the highest data privacy and data protection standards as set by the GDPR (General Data Protection Regulation) in addition to any local policies that exist.
Plastic Bank’s last GDPR audit and compliance certification is issued by Bureau Veritas Certification.
How do you use blockchain?
Plastic Bank utilizes a GDPR (data privacy & security) compliant, hybrid blockchain in which key transaction data is stored and securely synced to the PlasticBank® app’s private database.
Energy efficiency is maximized by using the PlasticBank® app’s proprietary system rules to approve and secure transactions and data visibility, which eliminates the need for mining or other high-energy consensus protocols common to public blockchains.
This hybrid solution ensures near real-time efficiencies, with GDPR compliance at the lowest energy cost possible while maintaining the immutable trust and security of blockchain.
Facts About Plastic Polution
Explain how recycling practices can lead to environmental sustainability
Recycling practices contribute to environmental sustainability by reducing waste in landfills, conserving natural resources like timber and water, and lowering greenhouse gas emissions from production processes. By repurposing materials, recycling lessens the need for new resource extraction, thereby mitigating pollution and preserving ecosystems. This circular approach to resource use is key to sustainable development.
Three facts about plastic polution
- Massive Scale: It is estimated that around 8 million metric tons of plastic enter the oceans each year. This immense volume poses a significant threat to marine life and ecosystems.
- Longevity of Pollution: Plastic can take hundreds of years to decompose. This prolonged lifespan means that the plastic waste we generate today will persist in the environment for generations, continually impacting wildlife and ecosystems.
- Microplastics Issue: A large portion of ocean plastic breaks down into microplastics, tiny fragments less than five millimeters in length. These microplastics are pervasive, found even in remote areas, and can be ingested by marine life, posing health risks and entering the food chain.
Can ocean plastic be recycled?
Yes, Plastic Bank focuses on recycling ocean-bound plastic. We work to prevent plastic waste from reaching the oceans by collecting it from coastal and near-coastal areas. This collected plastic is then recycled into Social Plastic®, which is used in various products and packaging
Collection Communities
Does Plastic Bank pay a salary to its collection community members?
Plastic Bank does not pay a salary to its members. They receive the local market rate for plastic by material type in cash from the buyer of the materials (collection branches). In addition to the standard market rate payment system, Plastic Bank uses a digital payment system to provide bonuses on eligible material collections above their market rate. The bonuses are paid directly to the members’ wallets in the PlasticBank® app through Plastic Bank tokens.
What are collection bonuses and benefits?
Registered 18+ age-verified collection members and certified collection branches that participate in bonus programs receive a digital bonus payment on top of the cash market rate for bonus-eligible plastic. These bonuses provide increased incomes, digital savings, and benefits with traceability for our supply chain compliance requirements. The bonuses are paid in digital tokens and funded by partner orders through the PlasticBank® app’s bonus payment and order management system.
In addition to financial incentives, collection communities can also be eligible to receive additional benefits including training, access to mentorship for enterprise/leadership development, subsidized education supplies and necessities, fintech services, insurance programs and other social benefits, based on tiered collection goals.
How can an informal recycling business become a Plastic Bank collection branch?
Local collection businesses can apply through our regional offices to become certified Plastic Bank collection branches, which makes them eligible to participate in our collection, bonus and benefit programs. For that, they must meet our accreditation requirements and successfully pass our onboarding process. We typically invite all collection businesses within a reasonable range of our existing supply chain partners to apply and participate in our programs. This inclusive model makes it safe for everyone to collectively prosper in our collection community while adhering to our required operational procedures and code of conduct.
Businesses can also apply online to proactively pursue new opportunities.
How do you ensure that you are not employing child labour?
Plastic Bank membership is open to any 18+ age-verified individual who wants to collect and exchange discarded plastic in its areas of operation. Approval of member registrations is subject to verification.
Labour Practices
Collection branches and processing partners must;
- complete Plastic Bank’s standard training program (code of conduct, health & safety and collections standard, traceability and the PlasticBank® app usage),
- have a signed code of conduct agreement uploaded into the PlasticBank® app,
- pass routine compliance audits by Plastic Bank.
18+ Age verification
- Age is verified to be 18+ upon registration by certified Plastic Bank collection branches,
- Age is re-verified to be 18+ by Plastic Bank upon redeeming rewards and benefits,
- Profile photo verification audits are conducted annually,
- Site visits are performed to ensure compliance with our code of conduct,
- The PlasticBank® app automatically prevents paid exchanges from users under 18 years of age,
- Branches are removed if they fail our code of conduct requirements.
Plastic Bank Staff Auditing Responsibilities
- Data managers are staffed regionally,
- Plastic Bank Data Managers conduct periodic audits according to our traceability standards, with routines varying from daily, weekly, monthly and quarterly to annual audits using the PlasticBank® app,
- Each branch has an assigned account manager (Area Coordinator),
- A cross-functional global task force coordinates annual onsite partner audits,
- The PlasticBank® app continues to evolve and automate our auditing and compliance process.
Please find answers about our Child Labour Policy here.
Can a person become a member without creating an account in the PlasticBank® App?
Plastic Bank membership is open to any 18+ age-verified individual who wants to collect and exchange discarded plastic in its areas of operation. Our collection branches initiate every exchange in the PlasticBank® app and can register new members who do not own a smartphone. Registrations are subject to verification.
Non-app users are able to redeem their collection benefits through Plastic Bank’s automatic end-of-month redemption disbursement services, or at special redemption locations. Members are also offered digital connectivity through subsidized smartphones at participating locations.
Our app allows members to:
- find the nearest collection branch to exchange collected plastic
- access their secured digital wallet
- view exchange and earnings history
- connect their Plastic Bank savings wallet to a local digital payment / bank account for local usage
How can a person become a collection community member?
Collection community members must be 18+ years of age and registered in the PlasticBank® app. Any registered individual can sign into the PlasticBank® App to find the nearest local collection branch for exchanging discarded plastic.
How does Plastic Bank find its collection community members?
Plastic Bank begins working in any new territories with existing informal recycling communities, wherever possible. We train and certify local collection communities (collection community members and collection branches alike) for compliance with our code of conduct and acquaint them with the PlasticBank® app usage requirements to enable traceability. We incentivize collection benefits for existing members and attract new participants.
We also establish Community Partnerships with local schools, places of worship, establishments, and institutions to set up accessible collection branches. We raise awareness about recycling and encourage proper waste segregation in households to reduce plastic pollution.
Who are the collection community members?
An individual who is over 18 years of age, registered through the PlasticBank® app, and gathers discarded plastic from the environment is a collection community member. Some are full-time members who have worked in informal waste collection for many years, while others work with us on a part-time basis to supplement other sources of income. Regardless of how much or how often our collection community members collect plastic, age-verified collection members can exchange plastic for additional income and social benefits at their local collection branch.
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