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

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

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.

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.

It is expected that this project will help to recycle nearly 227 metrics tonnes of plastic. The collaboration between Standard Chartered and Bidyanondo aims to address these critical issues at a grassroots level, the statement added.

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, it added.

Muhit Rahman, managing director and head of financial markets, Standard Chartered Bangladesh, said, “In 2020, it is reported that of the 977,000 tonnes of plastic consumed, only 31% was recycled. This means that nearly 70% of plastic waste is damaging our environment and harming members of our community. By encouraging recycling, we are not only addressing the critical issue of plastic waste but also providing meaningful assistance to thousands of people by promoting a circular economy."