Henkel, a German chemical and consumer goods company, recently extended its partnership with Plastic Bank -- a company that caters to the "ultra-poor" by allowing individuals to pay for anything in the store using plastic waste. The company was the first to partner with the social enterprise partnership back in 2017 and has already supported projects in the Philippines, Haiti, and Indonesia while also helping to launch over 400 Plastic Bank collection points in Egypt.
"Since joining forces about two years ago, we’ve been working closely to avoid plastic ending up in the ocean and improve the lives of people in poverty –particularly in countries without effective waste management infrastructure," says
Bruno Piacenza, Executive Vice President and responsible for Henkel’s Laundry &Home Care business.
Henkel's partnership with Plastic Bank is a great example of a company aligning its business with its core values, a move that will not be missed by its customers.
Circular Economy Collaborations
Henkel Extends Partnership with Waste Payment Store Plastic Bank
Trend Themes
1. Circular Economy - The partnership between Henkel and Plastic Bank highlights the growing trend of circular economy, where companies seek to minimize waste and maximize resources through recycling and reuse.
2. Social Enterprise Partnerships - The collaboration between Henkel and Plastic Bank showcases the trend of companies teaming up with social enterprises to address social and environmental issues, creating innovative business models with positive impact.
3. Waste Management Innovation - Henkel's extended partnership with Plastic Bank indicates an emerging trend in the development of innovative waste management solutions that leverage plastic waste to create economic opportunities and address resource scarcity.
Industry Implications
1. Chemical and Consumer Goods - The chemical and consumer goods industry has the potential to disrupt the market by integrating sustainable practices and partnerships with social enterprises, as demonstrated by Henkel's collaboration with Plastic Bank.
2. Environmental Services and Recycling - The environmental services and recycling industry can seize the opportunity to expand its operations and offerings by collaborating with social enterprises and implementing circular economy principles, as evidenced by the Henkel-Plastic Bank partnership.
3. Social Impact and Poverty Alleviation - The social impact and poverty alleviation sector can explore disruptive innovation opportunities by partnering with businesses in the circular economy space, such as Plastic Bank and Henkel, to create scalable solutions that address both environmental and social challenges.