Ethos Asset Management invests in Plastic Bank

Ethos Asset Management Inc. USA, a San Diego-based investment firm, has announced a strategic investment in The Plastic Bank Recycling Corp., a Vancouver-based nonprofit dedicated to stopping ocean-bound plastic while empowering collection communities.

Ethos says its partnership with Plastic Bank marks a significant milestone in the firm’s commitment to driving positive environmental and social change through its investment portfolio.

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“We are thrilled to announce this very important and high-impact project with Plastic Bank to protect our ocean and environment where we see more than 14 million tons of plastic waste entering the ocean each year,” Ethos CEO Carlos Santos says. “Plastic Bank is building ethical recycling ecosystems in coastal communities and reprocessing ocean-bound plastic for reintroduction into the global manufacturing supply chain.”

Santos notes that The Plastic Bank’s collection community members receive bonuses for the materials they collect, which helps them provide basic family necessities such as groceries, cooking fuel, access to education and health insurance. The collected plastic is turned into what Plastic Bank calls “Social Plastic,” which can be easily reintegrated into products and packaging as part of a closed-loop supply chain.  

“We are proud to be partnering with such an inspirational group of people led by the dynamic David Kats, founder and chairman [of Plastic Bank],” Santos says. “We look forward to working with David and the whole team at Plastic Bank in developing this new and exciting project harnessing the power of blockchain to empower social recycling in the world.”

Plastic Bank has garnered global recognition for its social recycling movement to tackle the plastic waste crisis. The social enterprise creates a dual solution by incentivizing coastal communities in developing regions to collect ocean-bound plastic, which is then exchanged for income and life-improving benefits. Ethos says this model not only protects the ocean and the environment but also provides socioeconomic opportunities for community members to pave a path out of poverty.

Ethos’ investment is designed to further strengthen Plastic Bank’s capacity to expand its waste collection infrastructure, increase recycling capabilities, scale its impact and empower more communities worldwide to tackle plastic pollution.

“We are delighted to partner with Ethos Asset Management, an organization that shares our vision for a wasteless world,” Katz says. “This investment will be instrumental in growing the social recycling movement, allowing us to reach more communities, create more social impact and make significant strides in our fight against ocean plastic pollution.”

Plastic Bank turned 10 this year and recently reported it has collected nearly 79,000 tons of plastic—the equivalent of 3.6 billion bottles—since its inception.