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Plastic Bank – The $4 Trillion Economy That Will Solve Indonesia’s Plastic Crisis

Environment

Plastic Bank – The $4 Trillion Economy That Will Solve Indonesia’s Plastic Crisis

Bali is now home to Indonesia’s first Plastic Bank.

In a new partnership with SC Johnson, one of the world’s largest single-use plastic producers, Plastic Bank will be opening 8 centers across Indonesia by May 2019.

The concept is simple, bring your trash to the Plastic Bank in exchange for cash.

As if proving that this is a long-term solution for the future, blockchain technology will be integrated into the recycling process.

SC Johnson

According to SC Johnson:

“Local waste collectors can bring the plastic they collect to any center, where they can exchange it for digital tokens. Using innovative Blockchain technology, they can then use the tokens to buy needed goods and services – reducing the risk of loss or theft.”

The Ocean Plastic crisis is a catastrophe that we all contribute to every day, and need to solve urgently.

Plastic Bank

Here’s why:

1 Garbage Truck of Trash Is Dumped Into The Ocean Every Minute

upskill-study-logo

55% Of That Comes From Just 5 Asian Countries

These are China, Indonesia, the Philippines, Vietnam, and Thailand.

By raising collection rates of rubbish to 80%, plastic-waste leakage into the ocean by 23%.

Blue Ocean Network

Indonesia Is The Second Largest Contributor After China

BBC.com

Indonesia Has The Highest Marine Biodiversity In The World

divephotoguide.com

Indonesian Government Has Pledged $1 Billion To Reduce Plastic Pollution

The Straits Times

This is a great start, but this isn’t an issue we can leave to the government. It needs all of us.

DW

And surprisingly, the solution is not to clean the ocean’s first.

Indeed, CEO of Plastic Bank David Katz says the last thing we want to do is clean up the oceans.

The first thing we want to do is stop plastic entering the ocean.

We need to turn off the tap.

Now, this requires a more efficient waste disposal system.

For the Plastic Bank, they see plastic as gold.

They will pay $0.50 (Rp. 7,000) per kilo of plastic. With 8 trillion tons of trash, they are unleashing a $4 trillion economy. That’s worth putting in bold…

$4 Trillion!

ABC

Rather than looking at the plastic crisis as a chore, Indonesia’s innovators should be looking at this as a money-making opportunity.

Either way, we have to recognize that Indonesia has a plastic addiction.

Tempo

And if the world is going to solve the Plastic Crisis, it will be because Indonesia led the revolution.

Do we have what it takes?

Watch Plastic Bank CEO David Katz enlightening Ted-Talk:

Sources: Coin Telegraph | SC Johnson 

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