FAQs about Partnerships
What are Plastic Credits?
The verified assignable value to stop one traceable kilo of ocean-bound plastic, 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.
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.
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 is Plastic Bank’s Impact on the UN Sustainable Development Goals?
Plastic Bank’s solution is capable of advancing 17/17 UN Sustainable Development Goals through collaboration with various partners and community organizations.
Currently, our Impact Program and Social Plastic® partners support the following Sustainable Development Goals:
1: No Poverty
8: Decent Work and Economic Growth
12: Responsible Consumption and Production
14: Life Below Water
17: Partnerships for the Goals