Ocean-Bound Plastic
Ocean-bound plastic is defined as plastic that has not yet found its way into the ocean but is classified as “mismanaged waste”. That is, plastic that is not being (formally) collected, is not likely to be collected, and is found within 50km of a major waterway or coastal area. See research from Dr. Jenna R. Jambeck et al for details.
Mismanaged Waste
The sum of material which is either littered or inadequately disposed of, that has a high risk of entering the ocean.
Inadequately Disposed Waste
Waste that is not formally managed and includes disposal in dumps or open, uncontrolled landfills, where it is not fully contained.
Stopping Ocean Plastic
The act of removing the likelihood of plastic entering the ocean.
Social Recycling
The act of using material waste as a currency to help alleviate poverty, protect the environment, and bring circularity to resources through recycling.
Humans of Social Recycling
Humans who are part of the Social Recycling movement through commitment and action.
Collection Community
A community of registered Plastic Bank collection members that helps collect ocean-bound plastic.
Collection Community Member
A registered member of the collection community that helps collect ocean-bound plastic.
Collection Branch
A Plastic Bank-certified location where collection community members can verify and exchange their plastic collection. They may also perform preprocessing such as cleaning, sorting, and bailing.
Market Value
The price at which buyers and sellers would trade a certain type of plastic in a competitive auction setting.
Plastic Credit
The verified assignable value to stop one traceable kilo of ocean-bound plastic, redeemable in local currency.
Collection Benefits
Life-improving benefits earned by collection community members, including health, work and life insurance, digital connectivity, grocery vouchers, school supplies, and fintech services.
Social Plastic® feedstock
Recycled ocean-bound plastic feedstock that is reprocessed and reintegrated into products and packaging by Plastic Bank partner organizations and brands for positive social, environmental, and economic impact.
Alchemy
Plastic Bank’s proprietary blockchain-secured platform that enables traceable collection, secures income, and verifies reporting.
Community Partnership
A relationship with local community-based organization that empowers the collection and exchange of ocean-bound plastic.
Social Plastic® Processor
A processing facility that recycles ocean-bound plastic into Social Plastic® feedstock for reuse in products and packaging.
Plastic Footprint
The total volume of plastic that an entity contributes to the world’s plastic waste in a given time period.
Environmental Impact
An amount of ocean-bound plastic stopped from entering the ocean. Measured in kilograms of plastic stopped from entering the ocean, and its equivalence in the number of bottles.
Social Impact
The positive effect of Social Recycling on collection communities. Measured by the additional income generated from recycling and the life-improving benefits accessed.
Economic Impact
The positive effect of Social Recycling on employment, supply chain, and economy. Measured by the number of collection communities, members, partner organizations and brands.