Standard Chartered, Bidyanondo to work towards circular economy through plastic recycling programme

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

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

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 incentivises 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.

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 says. 

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, 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. This initiative, launched in partnership with the Bidyanondo Foundation aligns with our Bank’s commitment to sustainability and community support. 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."

Kishor Kumar Das, Chairman, Bidyanondo Foundation, said, “There is no way to avoid the pollution of urban life or the threat to marine biodiversity without taking action to recycle waste and plastic – and this action not possible if we are only depending on Government initiatives. Social awareness is very important, along with connecting people from all parts of the country to plastic recycling projects. In this regard, this initiative with Standard Chartered Bangladesh is really commendable. Specifically, the effort taken to make the project sustainable by reusing the recycled plastic in this project is praiseworthy.”