Plastic Bank collection member from Indonesia.

Our story of becoming

Written by

Estee Lutte Engao

on

August 1, 2024

6 minutes to read

Growing up on the West Coast of Canada, our Founder and CEO, David Katz, witnessed the gradual decline of marine ecosystems firsthand. Exploring Vancouver Island’s beaches with friends, he hoped to discover treasures from distant shores. Instead, he found waves of discarded plastic, a stark symbol of humanity’s neglect.

A collection of experiences ignited a spark within David, compelling him to address the escalating issue of plastic pollution. The pivotal moment came when David was inspired by the work of photographer Chris Jordan, who documented the tragic impact of plastic pollution on Midway Island. “I saw albatrosses with bellies full of plastic, dying because they couldn’t distinguish it from food. That sight was a turning point for me. It was a moment of profound sadness but also a catalyst for change,” David recalls.

On May 9, 2013, just before lunch, David conceived Plastic Bank. Overwhelmed with fear and uncertainty, he realized that action could no longer be postponed. Instead of viewing plastic as mere waste, he sought to unveil its inherent value, transforming it into a currency for change.

“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 recounts.

From vision to reality

David understood that most plastic waste leaking into our environment comes from areas of poverty. To solve pollution, he had to look upstream and help end poverty. This insight set him on a journey to stop plastic pollution by turning plastic waste into a currency, empowering humanity to use it to end poverty. He created a system whereby people from underserved coastal communities could register as collection members, gather plastic waste, and exchange it for money, social benefits, and more.

Plastic Bank established its first collection branch in Haiti, a country grappling with high poverty rates and immense plastic pollution. David’s experience in Haiti was transformative. “When I started Plastic Bank in Haiti, I learned a lot about poverty, illiteracy, fear, scarcity, and the resilience of the human spirit in the face of it all. When we revealed how Plastic Bank could create new possibilities for everyone, people who were fighting for themselves began to gather together and collaborate for the greater good.”

Expanding horizons

Haiti’s success became a blueprint for future expansions. The challenges of creating a circular economy on an island were navigated with perseverance, demonstrating that value could be created for all. With this, we extended our impact to the Philippines, Indonesia, Brazil, Egypt, Thailand, and Cameroon.

Independent plastic collectors and junkshops in the informal recycling industry have the opportunity to become registered members of the Plastic Bank community, and gain access to social and financial inclusion.

Plastic Bank launches social and community programs in its countries of operation with the support of its global partners. This enables us to provide school supplies and after-school programs to our members’ children, vouchers and meal kits, access to basic health insurance, financial inclusion through digital wallets, basic business and financial literacy, and sustainability and recycling training.

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. They set up accessible recycling where communities can bring plastic from their homes, trading it for benefits that help launch social service programs for the community.

Traceable impact

As Plastic Bank reveals value in plastic waste, millions of kilograms of plastic have been gathered from the environment and exchanged at collection branches by our members. Gathered plastic is made available to recycling facilities for reprocessing into recycled plastic feedstock.

When introduced to the global manufacturing supply chain for reuse in new products and packaging, recycled plastic feedstock reduces the need for virgin plastic, enables a circular economy, and makes lasting environmental, social, and economic impact.

Operating in some of the most challenging regions globally, we had to ensure the authenticity and accuracy of our data, particularly in real-time. For our Chief Technology Officer and Co-Founder, Shaun Frankson, the complexity of these circumstances required a novel approach.

What if we could create an app that registered every member, gave them a digital ID, and provided an e-wallet with accurate, timely payments? What if we could have an integrated point-of-sale system to record every transaction made by our Code of Conduct-certified collection branches? How could we provide immutable trust? Shaun turned to blockchain for the solution.

The hypotheses became the foundation for our PlasticBank® app, powered by our proprietary blockchain-secured platform that enables a fully traceable recycling process, secures income for collection community members, and ensures audit-ready impact reporting.

The PlasticBank® app records the details of every exchange from our registered collection members to our collection branches, all the way to delivery at the processor, 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.

Our trusted blockchain ledger became the data source for our clients, populating our customized impact reporting tools. This led us to provide real-time, audit-ready traceability and deliver social impact to those who needed it the most.

Our Founder and CEO, David Katz, gathered with industry leaders to ignite discussions on the intersection of sustainability and business growth.

What’s next?

Plastic Bank’s story is a testament to the power of one person’s resolve to gather humanity together and create change, revealing the inherent value in people and materials, and mobilizing communities for a brighter future.

Our next chapter is focused on empowering entrepreneurs to help end poverty, stop plastic pollution, and grow their businesses with purpose. Small businesses account for 90% of the global business fraternity, but many struggle to grow, let alone find impactful ways to address environmental and social challenges.

It’s time we provide entrepreneurs with the guidance and resources to integrate purpose into their businesses and help them build a tribe of like-minded customers who recognize and reward this shift. Find out how we help them drive unprecedented growth and impact at plasticbank.com/impact-subscription.