Global wealth and asset manager Lombard Odier has announced a partnership with Plastic Bank to help prevent ocean pollution.
The group will fund the collection of over 795 tons of ocean-bound plastic in Haiti, equivalent to over 39 million plastic bottles, and ensure materials are recycled.
Local collectors supported by Plastic Bank will in exchange be provided with basic family necessities and goods. This will impact the lives of up to 6,000 collectors and family members and is a first step in a larger programme aiming to create a positive impact in Haiti and Egypt in the next few months, the groups said.
Stéphane Monier, CIO at Lombard Odier Private Bank, commented, “We are proud to partner with Plastic Bank, a fellow innovator in sustainability and a key player in the circular economy, as we seek to stop ocean plastic pollution and improve the lives of local collectors and their families.”
Lombard Odier highlighted plastic pollution is one of the greatest threats facing our oceans; every years eight million tons of plastic enter the sea, adding to the 150 million tons already there polluting marine life habitat.
David Katz, founder and CEO at Plastic Bank, commented on the partnership, “We are excited to partner with Lombard Odier to help empower a regenerative society. By supporting the collection of plastic waste in underserved communities, they are pioneering new avenues for environmental and social impact in the global banking industry.”
Founded in 2013, Plastic Bank builds ethical recycling ecosystems in coastal communities and reprocesses the materials for reintroduction into the global manufacturing supply chain. This material is rebord as ‘Social Plastic’ which can be easily reintegrated into products or packaging, the organisation said.