StanChart partners with Bidyanondo to launch plastic exchange programme

Standard Chartered Bangladesh is partnering with the Bidyanondo Foundation to launch a plastic exchange programme to promote recycling and sustainability while supporting approximately 82,000individuals, says a press release.

As part of this project, the bank will collaborate with the Bidyanondo Foundation to establish 65 plastic exchange camps.

Community members will be able to gather and submit their plastic waste at these designated locations, and in exchange take away essential commodities they need such as rice, oil, and other necessities. This pioneering approach not only inventiveness recycling but also provides tangible benefits to individuals and families, enhancing their quality of life.

Additionally, the plastic collected as part of this initiative will be recycled and used to produce RPET (recycled polyethylene terephthalate) bottles. This directly supports Standard Chartered's commitment to championing sustainability and building a circular economy in Bangladesh.

Plastic pollution is one of the most pressing environmental issues as it poses severe threats to marine life, ecosystems, and human health. Recycling helps to reduce the amount of waste that ends up in landfills and oceans, conserves natural resources, and decreases greenhouse gas emissions. It is expected that this project will help to recycle nearly 227 tonnes of plastic. The collaboration between Standard Chartered and Bidyanondo aims to address these critical issues at a grassroots level. By encouraging thousands of community members to actively participate in recycling, the project hopes to foster a culture of circular economy, environmental responsibility, and sustainable living.

Muhit Rahman, Managing Director and Head of Financial Markets of Standard Chartered Bangladesh, said: "In 2020, it is reported that of the 977,000 tonnes of plastic consumed, only 31 per cent was recycled. This means that nearly 70 per cent of plastic waste is damaging our environment and harming members of our community.”