Standard Chartered and Bidyanondo join hands for plastic recycling programme

Standard Chartered Bangladesh has 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, reads 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.

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.

Plastic pollution is one of the most pressing environmental issues as it poses severe threats to marine life, ecosystems, and human health. Recycling helps to reduce the amount of waste that ends up in landfills and oceans, conserves natural resources, and decreases greenhouse gas emissions.

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. 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.

Standard Chartered Bangladesh Managing Director and Head of Financial Markets Muhit Rahman 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."

Bidyanondo Foundation Chairman Kishor Kumar Das, 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."

As the nation's long-term partner in progress, Standard Chartered has consistently been linked to Bangladesh's inspiring story of growth and resilience. For more than 119 years, the Bank has remained dedicated to driving commerce and development by investing in communities; expanding the reach and scale of services to promote greater inclusion; and creating new opportunities. Standard Chartered's community engagement and sustainability initiatives focus on economic empowerment; improving access to health, education, financial literacy; supporting agricultural innovation; promoting sports, arts, and culture as drivers of positive social transformation; and combatting climate change.

Bidyanondo Foundation is a non-profit organisation registered under the Bangladesh Department of Social Services. The Bidyanondo Foundation works to help poor communities across Bangladesh and performs a variety of essential social welfare activities.