The Lesson: The Plastic Bank has two enemies: extreme poverty and ocean pollution – and their unique business model is bringing an end to both issues by selling essential products to people for the price of plastic waste, which they then give to companies for recycling. David Katz, Plastic Bank’s CEO, says that this brings us one step closer to closing the loop in the circular economy because “preventing ocean plastic could be humanity’s richest opportunity.”
Notable Excerpt: “We are the world’s largest chain of stores for the ultra-poor, where everything in the store is available to be purchased using plastic garbage. Everything. School tuition. Medical insurance. Wi-Fi, cell phone minutes, power. Sustainable cooking fuel, high-efficiency stoves. And we keep wanting to add everything else that the world may need and can’t afford.”
The Guest: David Katz is the founder and CEO of the Plastic Bank, the only organization that monetizes plastic waste and provides opportunities for the world’s disadvantaged to trade and collect plastic waste as currency.