Today on the show we have David Katz, the founder and CEO of The Plastic Bank, the only organization in the world that has successfully monetized plastic waste. His humanitarian work has earned him great international recognition.
In this interview, we talk about turning plastic waste into a currency, alleviating poverty, what it means to have self-sovereignty, and being the creator of your life.
Monetizing Plastic Waste
David Katz is the visionary behind The Plastic Bank, an eco-system that reveals value in plastic waste. One part of this ecosystem is a store chain in the poorest parts of the world that accepts plastic waste as a currency. At these stores, people are able to exchange plastic they collect for an expanding list of goods and services, like cooking fuel, medicine, school tuition, and WI-FI.
The very presence of The Plastic Bank gives a new sense of value to the material, as it provides an opportunity for it to be saved, banked and used. The Plastic Bank provides incentives for the poor to collect and trade in plastic, turning it from waste into value. In this way, the organization aims to stop the flow of plastic into the ocean and turn it into a tool for alleviating poverty.
In partnership with IBM, they have created a blockchain-based banking application that allows for safe authentic transfer of value globally. They plan to become the “Candy Crush of recycling” by incentivizing people further through gamification.
Financial Inclusion and the Shift in Time Perspective
Plastic Bank is working to provide financial inclusion for the poor by giving them earning potential and credit-worthiness, without high interest rates they are inflicted with. Some of the ways to build credit worthiness is to increase the return rate, be consistent with the quality of the plastic they bring in, or to engage more people into the system.
As David explains, the Plastic Bank gives people self-sufficiency, but more importantly it provides a shift in time perspective. As opposed to the immediate time perspective that is a common aspect of poverty, he hopes that Plastic Bank will help people have a more long-term perspective, which is a critical element for success.
Focusing on the Solution
David argues that the digital age has created the most powerful consumer generation in history. Consumers should use the power of their voice to force brands to use materials and practices that are sustainable for the planet. Instead of focusing on the problems, we should be focusing on solutions, and move from being victims towards becoming creators.
In this episode of Future Thinkers:
- How plastic waste can be monetized
- How plastic waste can become a tool for alleviating poverty
- Incentivizing recycling through gamification
- What are the technological advancements in recycling plastic?
- How to provide financial inclusion for the world’s poorest
- Why a long-term perspective is a critical element for success
- Voting with your wallet and your voice: the most powerful consumer generation in history
- Creating a global ecosystem for the transfer and store of value using blockchain technology
- Focusing on the solutions and becoming a creator
- Self-actualization and self-sovereignty
Mentions:
- The Plastic Bank
- The Surprising Solution to Ocean Plastic | David Katz | TEDxIBM
- A framework for thinking about freedom, choice and responsibility by Euvie Ivanova
Book Recommendations:
- Man’s Search for Meaning by Viktor Frankl